BitMine Immersion Technologies has increased its Ethereum holdings to 5.93 million ETH, equivalent to approximately 4.9% of the cryptocurrency’s total supply, as the company closes in on its long-standing “Alchemy of 5%” accumulation target. As of September 7 at 2 p.m. ET, BitMine held precisely 5,929,198 ETH, according to a company disclosure filed with the U.S. Securities and Exchange Commission on Tuesday.
Using BitMine’s reference price of $2,495 per ETH, the position was worth approximately $14.8 billion. The company acquired another 28,086 ETH during the past week, worth roughly $70 million at the same reference price. BitMine says it has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025.
BitMine Approaches Its 5% Ethereum Target
BitMine’s strategy is unusual even among publicly traded digital-asset treasury companies because its stated objective is tied directly to Ethereum’s supply. The company calls that objective the “Alchemy of 5%.” Based on an estimated Ethereum supply of 122 million ETH, BitMine says its current holdings represent 4.9% of all ETH and place it approximately 97% of the way toward its target. That concentration means roughly one in every 20 ETH is now held by a single publicly listed corporate treasury.
BitMine remains the world’s largest corporate Ethereum holder and describes itself as the second-largest digital-asset treasury overall, behind Strategy’s Bitcoin holdings. The company has also moved most of its accumulated ETH into staking. BitMine reported 5,067,309 staked ETH as of September 7, representing approximately 85% of its total Ethereum position and around $12.6 billion at the company’s reference price. Its staking operations generated a seven-day annualized yield of 2.61%. At current staking levels, BitMine projects approximately $330 million in annualized staking revenue. If its entire ETH position were eventually staked at the same yield, the company estimates annualized rewards could reach approximately $386 million.
Total Holdings Reach $15.7 Billion
Ethereum accounts for the overwhelming majority of BitMine’s balance-sheet assets, but its broader portfolio has continued expanding. The company reported total crypto, cash, marketable securities and strategic investments of approximately $15.7 billion. Beyond ETH, BitMine holds 211 BTC, $593 million in cash and marketable securities, a $180 million investment in Beast Industries and a $91 million stake in Eightco Holdings. Chairman Tom Lee continues to frame Ethereum’s recent performance as evidence that institutional exposure to digital assets could increase during the remainder of 2026. According to BitMine, ETH was the strongest-performing major macro asset during the third quarter through September 4, outperforming the S&P 500 by 54.3 percentage points.
BitMine shares have similarly benefited from the crypto rebound. The company said its common stock had gained 99% quarter-to-date through September 4, making it the fourth-best-performing stock in the Russell 1000 during that period. The company was added to the Russell 1000 in June, expanding its exposure to institutional portfolios benchmarked against the index. BitMine’s growing concentration of Ethereum nevertheless creates substantial exposure to ETH prices, staking yields and network-level risks. It also raises a longer-term question about how much supply a single corporate treasury should accumulate.
Lee has previously indicated BitMine intends to slow purchases as it approaches 5% rather than continue increasing concentration indefinitely. For now, however, accumulation continues. After purchasing another 28,086 ETH last week, BitMine is only a fraction of Ethereum’s supply away from completing one of the most aggressive corporate cryptocurrency accumulation strategies to date.
