Fundstrat-backed Bitmine Immersion Technologies (BMNR) has added another 25,000 $ETH to its treasury, a purchase worth roughly $50 million at the time of the transaction, according to on-chai
Fundstrat-backed Bitmine Immersion Technologies (BMNR) has added another 25,000 $ETH to its treasury, a purchase worth roughly $50 million at the time of the transaction, according to on-chain analytics platform Lookonchain. The buy comes despite continued softness in digital asset markets and signals that Bitmine has no intention of slowing its aggressive accumulation strategy.
The latest purchase is part of a broader campaign by Bitmine to acquire and stake 5% of Ethereum's circulating supply, a target the company calls the "Alchemy of 5%." The firm now holds 5.42 million ETH, or 4.49% of Ethereum's circulating supply.The slowdown in pace comes after Tom Lee, chairman of Bitmine, said at Consensus 2026 that the company planned to moderate accumulation as it rapidly approaches that long-term goal.
Bitmine bought 26,497 ETH last week, sharply reducing its pace of accumulation after making its largest purchase of 2026 just a week earlier. The acquisition lifted Bitmine's holdings to nearly 5.42 million tokens, approximately 4.49% of Ether's circulating supply.The prior week's purchase totalled 111,942 ETH, worth over $237 million, as the price of Ethereum remained under pressure.
Tom Lee, who co-founded Fundstrat Global Advisors and chairs Bitmine, has defended the strategy against a backdrop of unrealised losses. "ETH prices are not reflecting the strengthening of Ethereum fundamentals," Lee said in a recent statement, adding: "this is not surprising given we are in the early stages of crypto spring."
Lee has guided the company toward moderating new purchases while shifting focus toward maximising staking yields on existing holdings.Bitmine's thesis centres on two converging trends: Wall Street tokenization activity settling on the Ethereum network, and the growing requirement by agentic artificial intelligence systems for a neutral public blockchain.
The company positions itself as the Ethereum equivalent of Strategy's Bitcoin treasury approach, a publicly traded vehicle giving institutional investors direct ETH exposure through equity markets, and currently ranks as the world's largest public Ethereum treasury.
Bitmine's total crypto and cash holdings stood at $11.6 billion as of May 31. The continued buying, even as $ETH trades near the psychologically significant $2,000 level, underlines management's conviction that the asset remains undervalued relative to the strength of the underlying network.
SourcesCoinDesk: Bitmine slows purchase pace, buying $53 million in ETHCoinTribune: Bitmine strikes with a record $237M ETH purchaseBitcoin.com: Tom Lee's Bitmine adds ETH, pushing treasury to 5.42M coins
