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Bitmine Immersion Technologies has pushed its ether treasury past another milestone. As of early June the company reported crypto and cash holdings of $9.6 billion, including 5.54 million ETH. That stake is 5,543,872 ETH at about $1,630 per coin, which works out to 4.59% of the 120.7 million ETH supply.
The firm frames the build as a march toward owning 5% of all ether, what it calls the “alchemy of 5%.” Management said it acquired 126,971 ETH in the past week and expects to reach the 5% goal sometime in 2026. Public summaries put the company at 92% of the way to that target after just 11 months of accumulation.
Most of the coins are not sitting idle. Bitmine had staked 4,718,677 ETH, worth about $7.7 billion at the time, generating a seven-day yield near 3%. By late June the staked total had risen to 4.88 million ETH, about 86% of its holdings, after another 160,480 ETH was added to validators.
The trajectory has been steady for months, and the scale matters for supply. Locking nearly 5% of circulating ether, with most of it staked, removes coins from immediate market float while the company keeps buying. It is institutional accumulation in its simplest form: a single balance sheet steadily absorbing ether, with a stated conviction to hold long term and earn staking yield along the way.
$ETH
Tom Lee isn't slowing down. BitMine just staked another 160,480 ETH, worth about $248.7 million, pushing its total staked ETH to a staggering 4.88 million tokens .
That's 86% of its entire ETH treasury now locked up and earning yield .
The Numbers Are Wild:
· Total ETH held: 5.67 million (about 4.7% of all ETH supply)
· Staked ETH value: ~$7.56 billion at current prices
· Annualized staking revenue: ~$223 million
· Debt: Zero
Why This Matters:
1. Russell 1000 Inclusion – BMNR joins the Russell 1000 on June 26, putting this Ethereum-heavy treasury strategy in front of passive funds and institutional investors .
2. Supply Tightening – With nearly 5 million ETH locked in staking, liquid supply keeps shrinking. This could amplify price moves during demand spikes .
3. The "5% Alchemy" Goal – Lee is determined to own 5% of all ETH supply. He's 94% of the way there and keeps accumulating, recently buying 52,203 ETH in a single week .
4. Staking Is the Engine – Unlike passive BTC holders, BitMine's ETH generates yield, making its treasury model more active and income-generating .
The Catch: ETH is trading around $1,550, well below BitMine's estimated average cost. The entire position is deeply underwater. But Lee calls this "early crypto spring" and shows no signs of selling .
Is this conviction or insanity? Time will tell. But one thing's clear—Tom Lee is going all in on Ethereum.
$ETH
⚠️ Not financial advice.