Tom Lee’s Bitmine Immersion Technologies acquired 9,926 ETH during the week ending August 16, bringing its total Ethereum holdings to 5.82 million ETH, or 4.8% of circulating supply. The accumulation marks continued progress toward the company’s stated target of owning 5% of all Ether in circulation.
Bitmine launched its Ethereum treasury strategy in June 2025 and has maintained a steady weekly acquisition cadence since then. The latest purchase, completed despite a prolonged bear market for Ether, demonstrates the company’s commitment to its long-term accumulation plan even as unrealized losses have mounted.
Portfolio Valuation and Losses
At a reference price of $1,893 per ETH, Bitmine’s 5.82 million holdings carry a portfolio value of approximately $11 billion. However, the company faces substantial unrealized losses of $8.4 billion, representing 43% of the portfolio’s current value. The losses reflect the sharp erosion of Ether’s value during the extended bear market.
The Ethereum treasury company holds these positions despite the challenging price environment, betting that long-term accumulation at depressed valuations will prove profitable if Ether recovers.
Staking Rewards Offset Price Pressure
Bitmine’s staking operations provide a counterbalance to unrealized losses. The company has staked over 5 million ETH, generating protocol rewards for securing the Ethereum network. At current prices, the staked holdings are valued at $9.6 billion.
The staking yield has reached 2.61% over the past seven days, translating to projected annualized staking rewards of approximately $287 million. These rewards accrue independently of short-term ETH price movements, providing income that can support operational expenses or fund additional acquisitions.
Path to 5% Target
Bitmine’s stated “Alchemy of 5%” target requires ownership of 5% of total Ethereum supply. At 4.8% of circulating supply, the company sits just 0.2 percentage points below that threshold. The weekly acquisition pattern suggests continued movement toward the goal, though the pace and timing of future purchases remain undisclosed.
The company’s ability to sustain acquisitions during a bear market underscores its conviction in Ethereum’s long-term value proposition and its capital position to execute the strategy over an extended timeframe.
