Tom Lee-chaired BitMine Immersion Technologies has purchased another 9,926 Ether, continuing an accumulation campaign that has made the company the world’s largest corporate holder of Ethereum. BitMine disclosed on August 17 that it acquired the additional tokens over the past week, increasing its total Ethereum holdings to 5,815,164 ETH.
At Ether’s price of approximately $1,904 when the announcement was made, the latest acquisition was worth roughly $18.9 million, while BitMine’s entire ETH treasury was valued at about $11 billion. More significantly, the company now controls approximately 4.8% of Ethereum’s 120.7 million circulating token supply. That leaves BitMine within striking distance of its stated “Alchemy of 5%” objective — accumulating 5% of all ETH. BitMine says it has reached roughly 96% of that target just 14 months after launching its Ethereum treasury strategy in June 2025.
BitMine’s ETH Treasury Approaches 5% Target
The latest purchase extends a remarkable accumulation campaign that BitMine has maintained despite major fluctuations in Ethereum’s price. As recently as February 22, the company held 4.42 million ETH, equivalent to approximately 3.66% of supply. By July 26, that had increased to 5.79 million ETH, or roughly 4.8%.BitMine has said it has purchased ETH every week since launching its treasury strategy. The company is also putting most of those assets to work through staking. More than 5 million ETH, valued at approximately $9.6 billion, is currently staked through BitMine’s MAVAN infrastructure and third-party staking partners.
That represents approximately 87% of its entire Ethereum position. At current staking yields, BitMine projects annualized staking revenue of approximately $250 million once its infrastructure is operating at scale. The company’s broader balance sheet includes 210 Bitcoin, $78 million in cash and marketable securities, a $180 million stake in Beast Industries and a $73 million investment in Eightco Holdings. Total crypto, cash and strategic investments were valued at approximately $11.4 billion.
Lee Bets on Tokenization and AI Demand
BitMine’s accumulation strategy rests on Lee’s expectation that Ethereum will increasingly become financial infrastructure for tokenized assets and artificial-intelligence applications. Lee said the ETH-to-Bitcoin ratio recently climbed to 0.02994 and moved above a multi-year downtrend, which he views as evidence that investors are beginning to recognize the potential impact of tokenization and agentic AI on Ethereum demand. BitMine is simultaneously buying back its own shares.
The company repurchased another 1.7 million common shares during the latest week, bringing total repurchases since July 1 to 20.8 million shares under a previously authorized $4 billion program. The combination creates an unusual capital-allocation strategy: BitMine is accumulating ETH while simultaneously reducing its own outstanding share count when management considers the stock undervalued relative to its assets.
The latest 9,926-ETH purchase is relatively small compared with BitMine’s existing treasury. What matters more is how close it brings the company to its stated objective. At 5.815 million ETH, BitMine is now only about 220,000 ETH short of owning 5% of Ethereum’s current 120.7 million-token supply — potentially concentrating an unprecedented amount of the network’s native asset on the balance sheet of a single publicly traded company.
