Bitmine Immersion Technologies Nears Ethereum Accumulation Goal as a Six-Week Timeline Begins

Bitmine Immersion Technologies Nears Ethereum Accumulation Goal as a Six-Week Timeline Begins

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Bitmine Immersion Technologies, a major Ethereum treasury holder, is nearing its self-imposed 5% ownership target after acquiring 12,532 ETH last week. With holdings now at 6,028,946 tokens, Chairman Tom Lee expects the firm to conclude its accumulation phase within roughly six weeks as it prepares for a projected crypto bull market.

Bitmine’s Path Toward the 5% Supply Ceiling

Bitmine Immersion Technologies (NYSE: BMNR) has maintained a consistent weekly buying program since June 30, 2025, aimed at accumulating a significant share of the total Ethereum supply. The firm’s rapid accumulation has been tracked through weekly releases published on PR Newswire, showing a progression from 53,501 ETH held as of August 31, 2026, to the current level of 6,028,946 ETH as of October 12, 2026.

Chairman Tom Lee has labeled this the “Alchemy of 5%” strategy, a milestone the company is approximately 99% of the way toward completing in just 15 months. With roughly 76,054 tokens still needed to reach the 5% threshold—which corresponds to 6,105,000 ETH—the company is expected to finish its accumulation in about six weeks, assuming recent purchase volumes continue. In a message titled Crypto Bull Underway — This Cycle Likely the Largest released on October 7, Lee stated that the firm is done stacking while a bull market is starting.

Bitmine Projects $400 Million in Staking Revenue

Beyond merely holding tokens, Bitmine has pivoted toward a yield-generating model by staking a large portion of its treasury through its MAVAN platform. As of October 11, 2026, the company had staked 5,067,309 ETH, accounting for roughly 84% of its total holdings. This operation is valued at approximately $12.9 billion based on a reference price of $2,544 per ETH. The company projects $336 million in annualized staking revenue, a figure that the firm estimates could rise to $400 million at full scale once all holdings are staked.

Management views the staking infrastructure and the firm’s strategic focus as transformational to financial services. MAVAN has expanded beyond internal support to serve institutional investors, custodians, and ecosystem partners seeking staking infrastructure.

Tom Lee Expects Generational Wealth Shifts to Drive Market

Tom Lee’s optimism regarding an upcoming bull market is rooted in his analysis of generational wealth shifts. Lee, who serves as Bitmine chairman and co-founder of Fundstrat, expects that between 2026 and 2028, heirs could receive between $1.5 trillion and $2 trillion in capital.

The company reports that its share price has shown resilience, outperforming ETH by 731 basis points during the first nine months of 2026, a period where ETH declined 10% while BMNR was down by 3%. Lee contends that this performance reflects the company’s commitment to optimizing shareholder return. Bitmine was added to the Russell 1000 Large-cap index on June 26, 2026, and its Series A Preferred Stock trades on the NYSE under the symbol BMNP. The BMNP stock, a 9.5% perpetual preferred security sold at $80 per share on June 10, recently closed at $99.53, reflecting a current yield of 9.56%.

Bitmine Immersion Technologies Nears Ethereum Accumulation Goal as a Six-Week Timeline Begins
Photo: CaptainAltcoin

Bitmine Maintains World's Largest Ethereum Treasury

This reflects a decline from the $17.4 billion reported on October 4, 2026, a change attributed largely to fluctuations in the value of Ethereum. The company’s balance sheet includes 214 bitcoin, a $180 million investment in Beast Industries, and a position in Eightco Holdings.

The company maintains its position as the largest Ethereum treasury in the world and the second-largest global crypto treasury, behind Strategy Inc., which owns approximately 848,000 BTC valued at roughly $77 billion. As Bitmine approaches the end of its accumulation phase, market participants are monitoring the impact of its move away from being a consistent, price-insensitive buyer. While spot Ethereum ETFs have faced a nine-session outflow streak—with $202 million withdrawn on October 6 alone—the market remains focused on whether other entities or fee-burn dynamics will fill the demand gap left by the conclusion of Bitmine’s program.

Bitmine continues to operate under the Private Securities Litigation Reform Act of 1995, noting that its forward-looking statements are subject to risks and uncertainties. The company expressly disclaims any obligation to update or revise these statements, except as required by applicable law.

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