Tom Lee-Linked Bitmine Closes In On 5 Percent Of Ether Supply
Bitmine Immersion Technologies added 10,399 ETH last week, bringing its total holdings to 5.8 million Ether worth roughly $10.9 billion, representing 4.8% of Ethereum's circulating supply as it targets 5%.
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Bitmine Closes In On Its 5% ETH Target
Bitmine Immersion Technologies ($BMNR) added 10,399 $ETH to its holdings last week, according to a company press release. The purchase lifted Bitmine's total holdings to almost 5.8 million ETH, or about 4.8% of Ethereum's circulating supply. At current prices, the company's crypto holdings are comprised of 5,797,813 ETH at $1,880 per ETH. That position is worth roughly $10.9 billion in total.
Bitmine's crypto holdings rank as the number one Ethereum treasury and number two global treasury, behind Strategy Inc. The company is now 96% of the way to its self-described "Alchemy of 5%" goal, which it set out to achieve just 13 months ago.
Alongside its ETH purchases, Bitmine also bought back 4.5 million shares of stock last week, bringing total recent repurchases to 16 million shares.
Staking Revenue and ETH Outperformance
As of August 2, 2026, Bitmine's total staked ETH stands at 4,917,189, worth $9.2 billion at $1,880 per ETH. At scale, the projected ETH staking reward is $291 million on an annualized basis, using a 2.67% seven-day yield, with annualized staking revenues currently projected at $247 million.
Fundstrat's Tom Lee pointed to Ethereum's recent market performance as a sign of improving fundamentals. "In July, ETH outperformed the Nasdaq 100 by 2,500 basis points," Lee said in the company's statement. Lee described Ether's July outperformance versus the Nasdaq as its strongest in a year.
Guided by its philosophy of "the alchemy of 5%," the company is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralized finance mechanisms. Lee took over as chairman of the board at Bitmine in June 2025, leading its pivot from Bitcoin mining to Ethereum accumulation.
Sources:
Bitmine ETH Holdings Press Release via Investing News Network
CoinDesk: Bitmine Bought More Ether, Added to Stock Buyback Last Week
The Block: Bitmine Immersion Technologies Ethereum Holdings
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Soumen DattaSoumen has been a crypto researcher since 2020 and holds a master’s in Physics. His writing and research has been published by publications such as CryptoSlate and DailyCoin, as well as BSCN. His areas of focus include Bitcoin, DeFi, and high-potential altcoins like Ethereum, Solana, XRP, and Chainlink. He combines analytical depth with journalistic clarity to deliver insights for both newcomers and seasoned crypto readers.