Ethereum Treasury Company Bitmine Immersion Technologies (code: BMNR) latest disclosed that it purchased 71,524 ETH over the past week, the largest single-week accumulation since December 22, 2025, bringing its total ETH holdings to about 4.87 million ETH, officially crossing the 4% threshold of Ethereum’s total supply.
Accumulation Progress: 4.87 Million ETH; Only 1.13 Million Short of the 5% Target
This one-week accumulation of 71,524 ETH signals a clear acceleration in Bitmine’s ETH treasury strategy. Based on its current holdings, Bitmine holds 4% of Ethereum’s total supply, completing 81% of its “5% Alchemy” target, and still needs to add about 1.13 million ETH to reach the goal.
Bitmine’s overall asset allocation is as follows:
ETH holdings: about 4.87 million ETH, with an unrealized loss of over $6 billion
Bitcoin (BTC): 198 BTC
Beast Industries equity: equity with a market value of about $200 million
Eightco Holdings equity: equity with a market value of about $85 million
Cash reserves: about $719 million
Total crypto and cash: $11.8 billion
Despite the large scale of unrealized losses, the $11.8 billion total asset base shows that Bitmine maintains a substantial liquidity buffer and has the financial capacity to continue executing its accumulation plan.
Thomas Lee: Ethereum Becomes a “Wartime Store-of-Value” Tool
Bitmine chairman Thomas Lee put forward macro-level arguments for this accelerated accumulation. He noted that since the outbreak of current geopolitical conflicts, ETH has risen 17.4%, outperforming the S&P 500 by 1,830 basis points and outperforming gold by 2,743 basis points, demonstrating the market characteristics of a “wartime store-of-value” tool.
Thomas Lee also pointed out two long-term structural drivers supporting ETH: first, Wall Street is accelerating the tokenization of traditional assets onto the Ethereum chain, continuously increasing demand for ETH infrastructure; second, AI agent systems’ reliance on public, permissionless blockchain platforms is steadily increasing, and Ethereum’s decentralization makes it the preferred foundational layer.
In the past 24 hours, ETH has risen more than 7%. The trading price is close to $2,369.7. In the same period, BMNR closed up more than 4%, with an additional rise of about 1% after hours.
Frequently Asked Questions
What strategic significance does Bitmine’s “5% Alchemy” target represent?
“5% Alchemy” (5% Alchemy) is Bitmine’s publicly stated strategic goal to hold ETH equal to 5% of Ethereum’s total circulating supply. With Ethereum’s current total supply of about 120 million ETH, this target corresponds to about 6 million ETH. The current holdings of 4.87 million ETH have achieved 81% completion
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