Bitmine Immersion Technologies has issued a stark warning to the market after its latest disclosure revealed a massive, single-week acquisition of 101,627 Ether—its largest purchase since December 2025. This aggressive accumulation, buried in a recent SEC filing, pushes the company's total ETH holdings toward 5 million, with a staggering 3.33 million ETH actively staked to generate over $200 million in annualized revenue, fundamentally transforming its speculative asset bet into a formidable operating business.

Closing In On Target

Following the purchase, Bitmine held 4,976,485 ETH — valued at roughly $11.5 billion based on a reference price of $2,301 per toke`n. That puts the company’s ownership at about 4.12% of total Ether in circulation.

Its stated target is 5%, a goal the company refers to internally as the “alchemy of 5%.” At the current pace, it is around 80% of the way there.

Chairman Tom Lee said the company has kept up an increased buying pace for four straight weeks. “Our base case ETH is in the final stages of the mini-crypto winter,” he said. Lee made similar remarks at Paris Blockchain Week 2026, where he predicted Ether could eventually top $60,000.

Beyond its ETH position, Bitmine also holds 199 Bitcoin, a $200 million stake in Beast Industries, a $107 million stake in Eightco Holdings, and $1.12 billion in cash. Total crypto and cash holdings stand at close to $13 billion.

NYSE Uplisting Came Before The Push

The buying acceleration follows a significant corporate move. Bitmine recently uplisted from the NYSE American to the New York Stock Exchange and expanded its share buyback program.

The NYSE listing gives the company broader visibility among institutional investors at a time when crypto balance sheet strategies are spreading across public markets.

No other public company comes close to Bitmine’s total ETH exposure, according to data from CoinGecko, which tracks corporate Ethereum treasuries.

The gap between Bitmine and the next-largest holders has continued to grow with each successive purchase.

Featured image from Consensys, chart from TradingView