Bitmine Immersion Technologies has purchased another $43 million worth of Ethereum, pushing its holdings to 5.7 million ETH and bringing the company within reach of its goal of owning 5% of the entire Ethereum supply.
Key Takeaways
- Bitmine bought 27,084 ETH last week for about $43 million, increasing its holdings to 5.7 million ETH.
- The company now controls about 4.7% of Ethereum’s circulating supply and is close to reaching its target of owning 5% of all ETH.
- Bitmine’s combined crypto, cash, and investment holdings have climbed to $9.8 billion.
- Chairman Tom Lee said recent crypto weakness is largely driven by quarter end portfolio rebalancing rather than changes in long term fundamentals.
What Happened?
Bitmine Immersion Technologies announced on June 29 that it had acquired another 27,084 Ethereum tokens during the past week. The purchase, valued at roughly $43 million based on current market prices, lifted the company’s total Ethereum holdings to 5,700,040 ETH.
The latest acquisition further cements Bitmine’s position as the world’s largest corporate Ethereum treasury, with the company now controlling approximately 4.7% of Ethereum’s total circulating supply of 120.7 million coins.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 29, 2026
BitMine provided its latest holdings update for June 29, 2026
$9.8 billion in total crypto + “moonshots”:
– 5,700,010 ETH at $1,569 per ETH per ETH (per @coinbase)
– 206 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $74 million stake in Eightco Holdings…
Bitmine Moves Closer to Its 5% Ethereum Goal
Bitmine has spent much of 2026 aggressively building its Ethereum treasury. The latest purchase means the company is now about 94% of the way toward achieving what it calls the “Alchemy of 5%” strategy, a plan aimed at acquiring 5% of the entire Ethereum network supply.
At current prices of around $1,569 per ETH, Bitmine’s Ethereum holdings are worth nearly $8.9 billion.
The company also owns:
- 206 Bitcoin.
- $555 million in cash and marketable securities.
- A $180 million stake in Beast Industries.
- A $74 million stake in Eightco Holdings, one of the few publicly traded companies offering indirect exposure to OpenAI.
Combined, these assets bring Bitmine’s crypto, cash, and investment portfolio to approximately $9.8 billion.
Ethereum Buying Pace Slows
Despite continuing to add to its holdings, Bitmine’s latest purchase was notably smaller than previous acquisitions.
The company bought more than 52,000 ETH during the prior week and nearly 127,000 ETH earlier this month. The slowdown suggests Bitmine may be easing its buying pace after months of aggressive accumulation.
Still, the company remains one of the few large digital asset treasury firms consistently adding to its crypto holdings during the recent market downturn.
Tom Lee Blames Quarter End Rebalancing for Crypto Weakness
Bitmine Chairman Thomas “Tom” Lee said the recent decline in crypto prices appears to be driven by quarter end portfolio adjustments rather than deteriorating industry fundamentals.
Bitcoin and Ethereum are currently on track to record their third consecutive quarterly losses. Bitcoin has fallen about 12% during the second quarter of 2026, while Ethereum has declined roughly 25%.
Staking Business Continues to Grow
Bitmine is also expanding its Ethereum staking operations through its institutional platform called MAVAN, short for Made in America VAlidator Network.
As of June 28, the company had staked 4,879,157 ETH, valued at approximately $7.7 billion. According to Bitmine, annualized staking revenues are projected to reach $211 million, with annual rewards potentially climbing to $246 million once all of the company’s Ethereum holdings are fully deployed.
The company said more than 85% of its ETH holdings are already staked, generating an annualized seven day yield of 2.75%.
Institutional Interest Continues to Rise
Bitmine recently joined the Russell 1000 Large Cap Index, a move that could increase institutional ownership as passive funds and exchange traded funds adjust their holdings.
The company is also backed by several major investors, including Cathie Wood’s ARK, Founders Fund, Pantera, Kraken, Digital Currency Group, Galaxy Digital, and Tom Lee personally.
Bitmine believes growing institutional adoption and increasing use of blockchain-based financial infrastructure could support long term demand for crypto assets despite recent market weakness.
CoinLaw’s Takeaway
In my experience, very few companies continue buying aggressively during difficult market conditions. Bitmine is doing exactly that. The company is making a bold bet that Ethereum will become a critical piece of future financial infrastructure and artificial intelligence payment systems.
I found the most important takeaway is not the $43 million purchase itself, but how close Bitmine now is to controlling 5% of Ethereum’s supply. If institutional demand for Ethereum continues to grow, this strategy could make Bitmine one of the most influential players in the digital asset industry.
