Bitmine Immersion Technologies has acquired another 15,112 ETH, lifting its total Ethereum holdings to roughly 6.02 million coins and moving within reach of its 5% network-supply target. The company, chaired by Fundstrat's Tom Lee, has bought ETH every single week since launching its treasury program on June 30, 2025.

The latest purchase follows the weekly disclosure for the period ending September 27, 2026, when Bitmine reported adding 17,362 ETH. That brought holdings to 6,001,302 ETH — equal to 4.9% of Ethereum's circulating supply of approximately 122.1 million coins. At that update, the company said it had reached 98% of its target, which Lee calls the "Alchemy of 5%," after roughly 15 months of uninterrupted buying.

What sits on Bitmine's balance sheet?

At a reference price of $2,698 per ETH, Bitmine valued its Ethereum position at an estimated $16.2 billion in the September 27 disclosure, with total assets of approximately $17.2 billion. The non-ETH items include:

• 213 BTC, a small Bitcoin position alongside the ETH stack.
• $672 million in cash and marketable securities.
• A $180 million stake in Beast Industries and a $115 million stake in Eightco Holdings.

Roughly 5.067 million ETH — about 84% of holdings — is staked through the company's MAVAN institutional platform. Bitmine cited a recent staking yield of 2.62% and projects annual rewards of approximately $358 million on that basis.

Why does the 5% threshold matter to Tom Lee?

Lee has framed the 5% ownership mark as more than a number. His "Alchemy of 5%" label reflects his view that commanding that share of supply can generate network effects and pull additional institutional attention toward Ethereum.

He has also argued that ETH has outperformed the S&P 500 since the treasury strategy began, and that institutions remain underweight digital assets. Lee expects significant inflows into the sector, ETH in particular, during the fourth quarter of 2026.

What does the concentration mean for BMNR shareholders?

The company's valuation is tightly coupled to a single asset. The $16.2 billion ETH valuation was calculated at $2,698 per coin, so any price move in Ethereum shifts the balance sheet materially. Cash, the Bitcoin position and the equity stakes provide some diversification, but against roughly $17.2 billion in total assets they remain a supporting cast rather than the core of the story.

The operational picture is straightforward: weekly accumulation, institutional-grade staking through MAVAN, and a balance sheet that functions as a leveraged proxy for ETH exposure. The operational risk concentrates in custody, staking infrastructure and the financing structure that sustains uninterrupted weekly purchases.

The next milestone is now mechanical rather than aspirational. Having crossed 98% of the 5% target in late September, Bitmine's latest 15,112-coin purchase leaves the final gap at a fraction of a percent of Ethereum's supply — a threshold the firm is on pace to cross in its coming weekly disclosures.