BitMine Immersion Technologies (NASDAQ: BMNR) has accumulated approximately 5.5 million ETH, pushing its share of total Ethereum supply to 4.59% despite a sharp monthly price decline.
The company’s total crypto and cash holdings have reached $9.6 billion, even as Ethereum shed 27% of its value over the past month.
BitMine purchased 126,971 ETH in a single week, bringing it to 92% of its self-described “Alchemy of 5%” accumulation target set by the company’s leadership.
Chairman Tom Lee has stated he expects BitMine to reach the 5% threshold at some point during 2026, signaling continued aggressive buying regardless of short-term price weakness.
The firm holds its ETH valued at $1,630 per token, alongside 204 Bitcoin, $247 million in cash, and equity stakes in Beast Industries and Eightco Holdings that BitMine describes as “moonshots.”
The accumulation strategy has drawn pointed scrutiny from prominent crypto voices, including Bankless co-founder David Hoffman, who questioned the firm’s buying capacity on social media platform X.
Hoffman asked directly, “Where did BitMine get an infinite money printer?” highlighting broader market curiosity about how the company continues funding large purchases amid a falling asset price.
The answer, according to the company, is capital markets activity rather than operating cash flow, with BitMine recently pricing an upsized Series A Perpetual Preferred Stock Offering to finance its Ethereum buys.
BitMine has staked approximately 4.72 million ETH, representing more than 85% of its total holdings, through its Made-In-America VAlidator Network platform, known internally as MAVAN.
The company projects roughly $230 million in annualized staking revenue based on a 2.99% seven-day yield, offering a partial offset to the unrealized losses from Ethereum’s recent price slide.
BitMine now ranks as the second-largest crypto treasury in the world, trailing only Strategy (MSTR) in total digital asset holdings by a publicly traded company.
Ethereum’s price recovered more than 3% in the 24 hours following the latest disclosure, though the asset remained sharply negative on a monthly basis heading into the second week of June.
Retail sentiment on Stocktwits around ETH held in the “extremely bullish” zone during that period, while chatter volume was described as “high” over the same timeframe.
BMNR shares climbed more than 8% during midday trading following the announcement, with retail sentiment on Stocktwits shifting from “neutral” to “bullish” on the stock.
