Bitmine Immersion Technologies Acquires 35,138 ETH, Nearing 5% Total Supply Threshold

Bitmine Immersion Technologies (BMNR) announced the acquisition of 35,138 ETH for $58.65 million, bringing its total holdings to approximately 5.67 million ETH, or 4.7% of the circulating supply. According to company disclosures, the firm is executing its "Alchemy of 5%" strategy under the leadership of Chairman Tom Lee. During the week ending June 22, 2026, Bitmine purchased an additional 52,203 ETH for $92 million, following a $274 million capital raise through preferred stock in early June 2026. The company currently stakes over 83% of its holdings—roughly 4.72 million ETH—via the MAVAN platform, projecting annual staking revenues between $223 million and $276 million. While the strategy offers institutional ETH exposure, it introduces significant dilution risks and centralization concerns as Bitmine approaches its 5% ownership target.