Bitmine buys $123M ETH, treasury tops 5.4M ETH and targets 5% supply
Bitmine Immersion Technologies (BMNR) bought 75,000 ETH for about $123M on June 9, averaging ~$1,640 per ETH. The latest ETH purchase lifts its corporate Ethereum treasury to 5.4M+ ETH, which Bitmine frames as 5%+ of total supply (some trackers estimate ~4.6%).
The trades were completed over an eight-hour window and routed via Kraken and FalconX across three wallets, including two newly created ones. This continues Bitmine’s 2026 accumulation streak: 89,000 ETH, 111,000 ETH, and now 75,000 ETH (with varying costs depending on the entry price).
Chair Tom Lee’s strategy is the “Alchemy of 5%,” aiming to control more than 5% of all Ethereum. A large portion of holdings is staked through MAVAN, supporting a ~3% seven-day annualized staking yield and projected annual staking revenue near ~$270M once fully deployed.
For traders, this is a clear ETH treasury signal of institutional demand during a drawdown (ETH is around ~$1,630). Watch whether Bitmine can keep buying ETH toward its 5% target without pressuring BMNR’s share premium to NAV, and how staking may dampen near-term sell pressure.
Bullish
Bitmine’s disclosed ETH purchases add visible institutional demand, which can support sentiment and the ETH price in the short term—especially because the buy is happening during a drawdown. In addition, a large share of the treasury is staked via MAVAN, which can reduce immediate sell pressure and improve forward cash-flow expectations through projected staking revenue.
However, the net effect depends on whether continuing ETH buying will force any balance-sheet or market-structure trade-offs (e.g., BMNR premium-to-NAV pressure). If the market interprets the accumulation as sustainable, this tends to be bullish for ETH; if it creates concerns about valuation pressure or eventual profit-taking, the effect could fade. Overall, the direction of the combined flow (buy + staking dampening sell pressure) leans bullish for ETH.