Bitmine Immersion Technologies took another step in its Ethereum accumulation strategy by acquiring 42.197 ETH in the last week. Although the pace of purchases was lower than what had been recorded previously, when the company made acquisitions of 100 mil ETH at a time, the new operation brings the company closer to a brand considered strategic: controlling 5% of the cryptocurrency’s entire circulating supply.
With the new acquisition, the company already holds about 4.8% of the approximately 120,7 million ETH in circulation. The movement reinforces Bitmine’s bet on Ethereum as its primary treasury asset for 2026.
According to the company’s most recent update, on July 5 Bitmine had accumulated 5.742.237 ETH, valued at more than US$ 10 billion considering the price close to US$ 1.800. However, the asset’s devaluation to the US$ 1.740 range temporarily reduced the market value of the position, raising unrealized losses to about US$ 9 billion to US$ 10 billion.
In addition to its Ethereum reserves, the company holds a position of 206 BTC, approximately US$ 527 million in cash and marketable securities, as well as strategic investments in Beast Industries and Eightco Holdings, jointly valued at about US$ 251 million.
President Tom Lee continues to show a preference for Ethereum over Bitcoin. Among the factors cited is the expectation of approval of the CLARITY Law in the United States, which several analysts consider potentially positive for the altcoin market. Lee also maintains an optimistic view for the crypto cycle.
“In the last week, we acquired 42.197 ETH, increasing our pace compared to the previous week. We continue to maintain a steady accumulation pace throughout 2026. We believe we are in the early stages of crypto spring. Bitmine expects to reach the ‘alchemy of 5%’ sometime in 2026,” Lee said.
Even with this expansion, Bitmine remains behind only Strategy among the largest cryptocurrency-reserve companies. The difference between the two has recently narrowed after the company led by Michael Saylor reduced its position by more than 3.500 BTC.
Another pillar of Bitmine’s strategy is generating revenue through Ethereum staking. The company said that about 4,9 million ETH, equivalent to approximately 85% of its reserves, are already locked in staking through its institutional platform MAVAN.
With an estimated annual yield of 2,68%, the company’s expectation is to generate approximately US$ 235 million per year in rewards. If all Ethereum assets were directed to staking, that annual revenue could reach about US$ 277 million, expanding the return potential while the company maintains its ETH accumulation policy.