Bitmine Immersion Technologies now holds 6,001,302 ETH worth roughly $16.2 billion, equal to 4.9% of Ethereum's circulating supply, after buying 17,362 ETH for just under $47 million over the past week. The company disclosed the figures in a press release dated Friday, using a $2,698 snapshot price for its latest purchase.

The accumulation puts Tom Lee's Ethereum treasury company at 98% of the 5% supply target it has pursued since mid-2025 — a milestone the company brands the "Alchemy of 5%." Bitmine says it is on track to reach the threshold within 15 months of launching the strategy on June 30, 2025.

The firm has bought Ethereum every single week since that start date. Lee calls the streak "unmatched by any public company in the world." Bitmine now ranks as the largest Ethereum treasury and the second-largest corporate crypto treasury of any kind, behind Bitcoin holder Strategy, which holds 847,666 BTC worth approximately $71 billion.

How large is the full balance sheet?

Total holdings reach $17.2 billion once assets beyond ETH are counted. Those include:

• 213 BTC
• $672 million in cash and marketable securities
• $180 million in Beast Industries
• $115 million in Eightco, which Bitmine describes as one of the only listed vehicles offering indirect exposure to OpenAI

Bitmine files the two equity positions under a category it labels "moonshots."

What drives the staking business?

Bitmine has staked 5,067,309 ETH — 84% of its holdings — worth $13.7 billion, largely through MAVAN, the institutional staking platform it originally built for its own treasury and has since opened to outside investors.

At the current 7-day annualized yield of 2.62%, Lee projects staking revenue of $358 million per year, rising to $424 million if the entire stack is staked. "Bitmine has staked more ETH than other entities in the world," he said in the release.

The staking operation matters operationally: it converts a passive treasury position into a yield-generating business line, and opening MAVAN to third parties turns Bitmine from a holding vehicle into an infrastructure provider with recurring revenue.

What does Lee expect next?

ETH trades around $2,700, well below its highs, but Lee argues the token is the best-performing macro asset of the quarter, outperforming the S&P 500 by roughly 67 percentage points since the end of June. A crypto bull market began in late June, he said.

"In our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026," Lee said.

Bitmine's shareholder register underscores the institutional positioning: backers include ARK's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III.

The next milestone is arithmetic rather than aspirational: at 6,001,302 ETH against 122.1 million tokens in circulation, Bitmine needs roughly another 100,000 ETH to cross 5% of supply — roughly two weeks of purchases at its recent pace.