Bitmine Adds to Its Ethereum Stockpile Tom Lee's Bitmine Immersion Technologies has acquired another 20,000 $ETH worth approximately $35.85 million from FalconX, according to onchain data fla
Tom Lee's Bitmine Immersion Technologies has acquired another 20,000 $ETH worth approximately $35.85 million from FalconX, according to onchain data flagged by Arkham Intelligence. The purchase is the latest move in an accumulation campaign that has made Bitmine (NYSE: $BMNR) the largest known corporate Ethereum treasury in the world.
Bitmine has repeatedly sourced large ETH tranches directly from institutional trading platform FalconX, with onchain analytics confirming the transaction patterns. The firm has also used venues such as Kraken and BitGo to execute purchases worth hundreds of millions of dollars without significantly disrupting spot markets.
The latest buy adds to what Bitmine calls its "Alchemy of 5%" initiative, a goal to accumulate at least 5% of Ethereum's entire circulating supply. Bitmine holds 5.54 million ETH worth over $9 billion, with 4.7 million tokens staked. Those staked holdings generate a projected $230 million in annualized staking revenue via MAVAN.
Bitmine recently launched MAVAN, the Made in America Validator Network, an institutional-grade staking platform originally developed to support Bitmine's own Ethereum treasury, with plans to expand and serve institutional investors, custodians, and ecosystem partners.
To fund its buying campaign, Bitmine tapped capital markets. A $280 million 9.50% Series A Perpetual Preferred Stock raise effectively doubles down on Bitmine as an Ethereum treasury and staking vehicle. The financing approach mirrors tools pioneered by bitcoin treasury firm Strategy (MSTR), which has increasingly turned to preferred equity and other yield-bearing securities to fund crypto purchases.
Despite earlier comments about slowing purchases as the firm neared its 5% goal, Bitmine has remained committed to accumulation. Chairman Tom Lee has said the firm is "maintaining a somewhat elevated pace of buying" as the pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals, and expects to reach the Alchemy of 5% sometime in 2026. Lee has also tied long-term Ethereum demand to the growth of artificial intelligence systems and onchain finance, arguing that the network's settlement role will expand as more economic activity moves atop the blockchain.
Sources:The Block: Bitmine buys $84 million in ETH as Tom Lee calls pullback an attractive entry pointPR Newswire: Bitmine ETH holdings reach 5.54 million tokensBitcoin.com News: Tom Lee says AI systems will lift Ethereum demand as Bitmine stacks 5.54M ETH
