Bitmine Immersion Technologies has accumulated 6,001,302 ETH, equivalent to 4.9% of circulating Ethereum supply and worth approximately $16.2 billion, according to founder Tom Lee. The treasury company purchased 17,362 ETH over the past week valued at roughly $47 million, continuing a weekly acquisition pattern that began on June 30, 2025.
Lee described the weekly purchase cadence as “unmatched by any public company in the world” since the program’s inception. Bitmine is the largest Ethereum treasury globally and the second-largest corporate crypto treasury overall, behind Bitcoin-focused Strategy, which holds 847,666 BTC worth approximately $71 billion.
The accumulation reflects what Lee calls the “Alchemy of 5%,” Bitmine’s stated target for Ethereum supply ownership. The company has achieved 98% progress toward that goal in 15 months. Lee argues that Ethereum has outperformed the S&P 500 by roughly 67 percentage points since the end of June, when he says a crypto bull market began.
Staking and Yield Generation
More than 5 million of Bitmine’s ETH holdings are staked, generating institutional-grade yield. According to Lee, “Bitmine has staked more ETH than other entities in the world.” The staked portion represents 84% of total holdings and is valued at approximately $13.7 billion. At the current 7-day annualized staking yield of 2.62%, Bitmine’s staked ETH is projected to generate $358 million annually. If all 6 million ETH were staked, projected annual revenue would reach $424 million.
Bitmine built MAVAN, an institutional staking platform, initially to manage its own treasury before opening the service to outside investors.
Broader Treasury Composition
Bitmine’s total assets under management reach $17.2 billion, including 213 BTC, $672 million in cash and marketable securities, plus equity stakes in Beast Industries valued at $180 million and Eightco valued at $115 million.
The company is backed by ARK, Founders Fund, Pantera, Kraken, Galaxy Digital, and Bill Miller III.
Lee projects continued institutional crypto accumulation ahead. “In our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026,” he stated.
