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ETH Bitmine Immersion Technologies purchased another 20,500 Ethereum units, and its position continues to climb
According to on-chain data cited by Lookonchain, Bitmine Immersion Technologies (NYSE: $BMNR), chaired by Tom Lee of Fundstrat, has purchased another 20,500 Ethereum (ETH) units from Galaxy Digital, worth approximately US$35.9 million. This is the company\'s second major Ethereum acquisition in just two days, further boosting the development of the much-watched crypto company\'s money-hoarding story.
Continuous buying pushed open positions higher
Previously, the company completed the acquisition of 40,000 ETH units through the FalconX and Kraken platforms on July 8. Together, the two transactions purchased approximately 60,500 ETH units in a few days. As of July 5, 2026, Bitmine\'s position has reached 5,742,237 ETH units, accounting for approximately 4.8% of Ethereum\'s total supply (120.7 million units). Based on the latest disclosed July 10 buy data, the number will rise further, bringing the company closer to its stated goals.
\"5% alchemy\" and the meaning behind it
Adhering to the \"5% alchemy\" philosophy, Bitmine uses Ethereum as its main treasury reserve asset and operates using native protocol-level activities, including pledges and decentralized financial mechanisms. The company raised approximately $273.8 million by issuing 3.5 million shares of 9.50% Series A permanent preferred stock (BMNP) to purchase more digital assets, expand verification nodes, and make strategic investments in the Ethereum ecosystem.
Chairman Thomas Lee attributed Ethereum\'s recent performance better than Bitcoin and Bitmine\'s continued increase in holdings to rising investor optimism that the Clarification Act is expected to pass and bring a clearer regulatory environment, especially for Ethereum. Lee also believes that Ethereum is undervalued and points out that tokenization and increased demand from artificial intelligence applications are long-term catalysts.
On an annualized basis, pledge revenue is expected to reach US$235 million. Of the 5.74 million ETH held by Bitmine, 4.9 million (85%) were used as collateral. Bitmine\'s crypto asset holdings make it the world\'s largest treasury holder of Ethereum and the world\'s second largest treasury holder of overall digital assets (behind Strategy Inc., Nasdaq: MSTR).
