Tom Lee-chaired BitMine Immersion Technologies has accelerated its Ethereum accumulation, acquiring another 53,501 ETH over the past week in a purchase valued at approximately $131 million. The acquisition represents BitMine’s largest weekly Ethereum purchase since June and follows its addition of 32,447 ETH during the previous week.
BitMine said on August 31 that its total holdings had reached 5,901,112 ETH as of 3 p.m. ET on August 30. Using the company’s reference price of $2,511 per ETH, the entire position was worth approximately $14.8 billion. That gives BitMine ownership of approximately 4.9% of Ethereum’s reported 120.7 million-token supply, leaving the company 98% of the way toward its long-standing “Alchemy of 5%” target.
BitMine Accelerates Buying After Summer Slowdown
BitMine has now purchased ETH for 65 consecutive weeks since launching its Ethereum treasury strategy on June 30, 2025. Its latest purchase marks a significant acceleration. On August 24, the company reported acquiring 32,447 ETH during the preceding week, taking its holdings to 5,847,611 tokens. The latest 53,501 ETH addition is approximately 65% larger.
BitMine’s total portfolio has also increased substantially in value as Ethereum recovered during August. The company reported $15.6 billion in combined crypto assets, cash, marketable securities and strategic investments as of August 30. Alongside 5.90 million ETH, BitMine holds 211 BTC, a $180 million investment in Beast Industries and an $81 million position in Eightco Holdings. Cash and marketable securities totaled $541 million.
Lee argues Ethereum’s recent performance could encourage additional institutional participation. According to BitMine’s calculations, ETH had outperformed the S&P 500 by 5,430 basis points during the third quarter through August 28. He expects tokenization, agentic artificial intelligence and prospective U.S. crypto market-structure legislation to provide additional catalysts through the final months of 2026.
More Than Five Million ETH Is Already Staked
BitMine is increasingly generating yield from its enormous treasury rather than simply holding ETH. The company reported 5,067,309 ETH staked as of August 30, equivalent to approximately 86% of its total Ethereum position and worth about $12.7 billion at its $2,511 reference price. Using a seven-day annualized staking yield of 2.67%, BitMine estimates that fully deploying its ETH through its MAVAN staking network and other partners could eventually generate approximately $396 million in annual staking rewards. MAVAN, short for Made in America Validator Network, was initially developed to handle BitMine’s own holdings but is intended to expand into an institutional staking service for outside investors, custodians and ecosystem partners.
BitMine now needs only roughly 134,000 additional ETH to reach 5% of Ethereum’s current 120.7 million-token supply, assuming that supply remains around current levels. At $2,511 per ETH, acquiring that amount would require approximately $336 million. That puts a target that once appeared exceptionally ambitious within a few weeks of recent purchasing volumes. The concentration is significant. A single publicly traded company is approaching ownership of one out of every 20 ETH in existence, while simultaneously staking most of that position.
BitMine remains the world’s largest corporate Ethereum treasury and the second-largest publicly disclosed corporate crypto treasury overall behind Strategy’s Bitcoin holdings. Its latest purchase also shows that the company has not begun slowing accumulation as it approaches its 5% target. Instead, weekly buying has accelerated from 32,447 ETH to 53,501 ETH. If that pace continues, BitMine could reach its “Alchemy of 5%” target within several weeks — transforming the company’s original treasury objective into one of the largest concentrated institutional positions in any major cryptocurrency.