Bitmine Immersion Technologies purchased approximately 101,745 ETH last week for roughly $237.7 million, at an average price of $2,336 per token. The transaction raised its total holdings to 5,180,131 ETH, equivalent to 4.29% of the total supply of Ethereum, set at 120.7 million tokens.
This marks the third consecutive week in which the company has acquired more than 100,000 ETH, establishing an accumulation pace that positions it as the world’s largest public ETH treasury and the second largest crypto treasury globally, behind Strategy Inc., which holds approximately 818,334 BTC.
The weekly volume was slightly lower than the previous week, when Bitmine acquired approximately 101,901 ETH, its largest weekly purchase since December 2025. The firm is at around 86% of its target of reaching 5% of Ethereum’s circulating supply, a goal it internally dubbed “Alchemy of 5%”.
Of the current holdings, 4,362,757 tokens — nearly 84% — are staked through MAVAN, Bitmine’s institutional validation platform, generating approximately $297 million annually at a yield of 2.91%. Tom Lee, chairman of the firm, noted that ETH outperformed the S&P 500 by 1,380 basis points since the onset of the conflict with Iran and highlighted that agentic artificial intelligence systems are increasingly dependent on public, neutral blockchains, a structural shift in favor of ETH demand.
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