BitMine Immersion Technologies (NYSE: BMNR) acquired another 100,000 ETH worth roughly $233.7 million on Thursday, crossing the 5% threshold of Ethereum's circulating supply. The BitMine ETH purchase was tracked by onchain analytics firm Lookonchain, which identified three newly created wallets receiving the tokens from custodian BitGo at an average price of $2,330.62.
Ether was trading near $2,340 at the time of publication, down roughly 3% over the past 24 hours, according to CoinGecko.
Tom Lee Hits the "Alchemy of 5%" Target
The purchase lifts BitMine's total ether treasury to approximately 5.08 million ETH, crossing what chairman Tom Lee has publicly called the "Alchemy of 5%" target — his stated goal of accumulating 5% of circulating ETH supply as a strategic reserve thesis. It cements BitMine as the largest corporate ether holder in the world and the second-largest crypto treasury overall behind Strategy's 766,970 BTC, according to Strategy's most recent disclosure.
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The milestone also deepens the single-entity concentration risk that Ethereum critics have flagged since Lee's accumulation pace accelerated last summer. With over 5% of supply now held by one public company, governance and staking centralization concerns — already live debates in the Ethereum research community — are likely to intensify.
BitMine's Staking Operation and Cash Position
BitMine disclosed 4.976 million ETH and $12.9 billion in combined crypto and cash holdings as of April 20, with 3,334,637 ETH staked and generating $221 million in annualized revenue through its Made in America Validator Network (MAVAN) — BitMine's in-house validator infrastructure — and third-party staking partners. The firm's cash position stood at $1.12 billion, providing continued dry powder for further buys.
BMNR uplisted to the NYSE from NYSE American on April 9, a move that typically broadens institutional investor access.
Doubling the Ethereum Treasury Since December
The company has roughly doubled its Ethereum treasury since December, when it held 4.11 million tokens, buying consistently through the first-quarter drawdown that pushed ETH below $2,100. With Thursday's addition, roughly 66% of BitMine's stack is staked, leaving over 1.7 million ETH that could be routed through MAVAN to expand staking revenue further.
At current staking yields of roughly 3%, deploying the remaining unstaked balance would add an estimated $120 million in annualized revenue on top of the existing $221 million run rate.
