Bitmine Immersion Technologies bought another 15,112 ETH, worth roughly $41 million, this week, lifting its Ethereum treasury to 6,016,414 coins valued at about $16.4 billion at a reference price of $2,726 per token.

The NYSE-listed company disclosed Monday that the new purchase takes its holdings to 4.9% of Ethereum's 122.1 million token supply. By its own accounting, Bitmine now stands 99% of the way to what it calls the "Alchemy of 5%" — its goal of controlling 5% of the network's supply, a threshold it has approached in just 15 months.

The acquisition extends an unbroken buying streak. Bitmine has purchased Ethereum every single week since launching its treasury strategy on June 30, 2025.

What did Tom Lee say?

Chairman Tom Lee said a crypto bull market is "underway," and he backed the claim with comparative performance data. He noted Ethereum has outpaced the S&P 500 by 6,832 basis points this quarter despite headwinds including a hawkish Federal Reserve, surging oil prices and rising global bond yields.

Lee also argued that Bitmine's stock has held up better than the underlying asset. Over the first nine months of 2026, BMNR shares fell 3% while ETH dropped 10%, according to his figures, a gap he presented as evidence the corporate wrapper has cushioned holders through the 2025-2026 bear market.

How large is the total treasury?

Counting cash, other tokens and what the company calls "moonshot" investments, Bitmine's total holdings reached $17.4 billion as of Saturday. The balance sheet beyond Ethereum includes:

• 214 Bitcoin
• $643 million in cash and marketable securities
• A $180 million stake in Beast Industries
• A $117 million position in Eightco Holdings, which Bitmine describes as one of the few public equities offering indirect exposure to OpenAI

Bitmine remains the world's largest Ethereum treasury and the second-largest corporate crypto treasury overall. Only Michael Saylor's Strategy, holding approximately 847,666 BTC, sits ahead of it.

What does staking contribute?

The treasury generates ongoing revenue from Ethereum staking. Bitmine has staked 5,067,309 ETH — about 84% of its holdings — through its MAVAN platform, with projected annualized revenue of roughly $363 million. That staking income gives the company an operational yield on top of its market exposure, a structure closer to an operating business than a passive holding vehicle.

The wider corporate-treasury sector continues to move around it. Strategy recently posted a $21 billion third-quarter gain and resumed Bitcoin purchases, while Metaplanet sold and rebought 10,000 BTC in a transaction it framed as a demonstration of its treasury mechanics.

What comes next?

With 4.9% of supply secured, the remaining distance to the 5% target is roughly 12,000 ETH at current supply levels — a gap Bitmine's weekly cadence could close within days, after which the company will face the operational question of how it deploys and stakes a stake that size.