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#BitmineAdds20KEtherOnly380KShyOf5%Target Bitmine Adds 20K Ether, Still 380K Shy of 5% Target
Bitmine Immersion Technologies continues its aggressive Ethereum accumulation, recently purchasing another 20,000 ETH (~$35.85 million) via institutional prime brokerage FalconX . This brings the company's total holdings to approximately **5.62 million ETH**, or about **4.66% of the total circulating supply**, worth roughly **$10.35 billion** .
Despite this latest acquisition, Bitmine remains ~380,000 ETH ($680 million) short of its "Alchemy of 5%" target—the goal of accumulating 5% of all Ethereum in circulation .
Strategic Accumulation Nears Completion
The company, led by Chairman Tom Lee (also co-founder of Fundstrat Global Advisors), launched this strategy less than a year ago. Originally expecting a five-year timeline, Bitmine has rapidly accumulated ETH through consistent weekly purchases .
Lee had previously indicated at Consensus 2026 that the firm may slow its buying pace as it approaches the target. At the prior rate of 100,000 ETH per week, the 5% threshold was expected within six weeks . The recent weekly addition of 76,881 ETH suggests the company is maintaining significant accumulation momentum .
Staking and Treasury Operations
Bitmine has positioned itself as the world's largest single Ethereum staking operator through its MAVAN institutional validator platform . Currently:
· ~83-85% of its ETH holdings (4.72 million ETH) are staked
· Annualized staking revenue exceeds $226 million**, projected to reach **$269 million under full deployment
· The platform manages over $14 billion in staked digital assets
Beyond ETH, Bitmine holds 204 BTC, **$502 million in cash and securities**, and equity stakes in Beast Industries and Eightco Holdings valued at $268 million .
The company recently raised $273.8 million through a Series A Preferred Stock offering (9.50% dividend yield, trading under BMNP) to fund further acquisitions and operations .
Market Context
Bitmine's accumulation comes during a period of ETH price weakness, with holdings currently showing **unrealized losses exceeding $9 billion** against an average entry price around $3,450 . However, Lee has emphasized the company's profitability through staking income reduces pressure to liquidate during volatile markets .