Sitting at 4.97% of Ethereum’s entire circulating supply, Bitmine Immersion Technologies (NASDAQ: BTMN) is now just a fraction away from its self-imposed target of owning one-twentieth of the network.
The company reached that threshold after adding 9,587 ETH, valued at roughly $20 million, extending an unbroken weekly purchasing streak that began on June 30, 2025.
That buying discipline, maintained without a single missed week, has pushed Bitmine’s total holdings to 6,070,092 ETH, a position assembled in approximately 15 months.
The financial scale of the operation has grown accordingly, with total assets now reaching $14.3 billion, of which $11.7 billion is held in staked Ethereum through the company’s proprietary MAVAN platform.
The staking portfolio, which exceeds 5.2 million ETH, currently generates projected annual rewards of $309 million, a figure that reframes Bitmine less as a speculative buyer and more as a yield-generating institutional infrastructure play.
Chairman Tom Lee has consistently argued that Ethereum functions not as a cashflow token in the manner of assets like HYPE or LIT, but as trusted collateral underpinning the financial system’s gradual migration on-chain.
Lee’s conviction drew fresh support from remarks made by Ethereum co-founder Vitalik Buterin at the Devcon conference in Mumbai, where Buterin stated, “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
Lee characterized the declaration as “a seismic shift,” contending that it settles a long-running debate about how Ethereum should be understood and how its value should ultimately be measured.
In Lee’s framing, financial institutions have already selected Ethereum as the base layer for moving assets on-chain, and Buterin’s explicit endorsement of a store-of-value identity aligns with what Lee calls a coming “supercycle of tokenization and AI.”
Buterin subsequently outlined three reasons why he believes a store-of-value framing better suits Ethereum’s core strengths, lending further intellectual weight to the accumulation thesis Bitmine has been executing for more than a year.
With the 5% ownership milestone within reach, the company’s trajectory suggests the target could be crossed on the current pace before the next scheduled purchase cycle concludes.
The convergence of institutional staking yields, a co-founder’s public repositioning of the asset, and a disciplined treasury strategy has positioned Bitmine as one of the most concentrated single-entity holders of any major blockchain network in existence.
