BitMine Immersion Technologies increased its holdings by 53,501 ETH over the past week, bringing its total stash to about 5.9 million ETH—close to 4.9% of the total ETH supply of 12.07 billion.
What’s even more noteworthy is the behavior pattern behind this number: it has been buying continuously for 65 straight weeks, starting from June 30, 2025, with no weekly interruption.
In terms of scale, this has already pushed beyond most people’s imagination—one company holds close to 5% of the total supply of the world’s second-largest crypto asset. This level of concentration in the crypto market is almost unprecedented, except for Strategy’s approach to BTC.
BitMine’s chairman, Thomas Lee, has named this goal “5% Alchemy.” The logic is not complicated: it continuously generates ETH returns through a staking strategy (MAVAN staking operations), uses cash flow to support ongoing accumulation, and forms a self-reinforcing accumulation loop.
Whether this strategy can be sustained depends on three things: the ETH price must be able to support the company’s balance sheet; staking rewards must cover operating costs; and the market must not experience extreme pressure that forces them to liquidate.
For now, all three conditions still hold. ETH has risen more than 20% this month; BitMine’s latest round of financing provides ammunition for continued buying; and staking rewards are already running.
From a market-structure perspective, with 5.9 million ETH locked on BitMine’s balance sheet, plus Ethereum’s 34.4% staking rate—an appreciable proportion of ETH is in a non-liquid state. On the demand side, with institutional ETFs seeing net inflows for 10 consecutive days, circulating supply is contracting, which is the most basic support logic for price.
After the Glamsterdam upgrade is rolled out, mainnet throughput increases and the burn rate rises, bringing deflationary pressure back. BitMine’s “5% Alchemy” bet is precisely on this long-term narrative.
How deeply do you think the move by a company to lock up close to 5% of ETH’s total supply into its treasury will affect ETH’s long-term price structure? Share your view.
$BNB
$ETH
#ETH
What’s even more noteworthy is the behavior pattern behind this number: it has been buying continuously for 65 straight weeks, starting from June 30, 2025, with no weekly interruption.
In terms of scale, this has already pushed beyond most people’s imagination—one company holds close to 5% of the total supply of the world’s second-largest crypto asset. This level of concentration in the crypto market is almost unprecedented, except for Strategy’s approach to BTC.
BitMine’s chairman, Thomas Lee, has named this goal “5% Alchemy.” The logic is not complicated: it continuously generates ETH returns through a staking strategy (MAVAN staking operations), uses cash flow to support ongoing accumulation, and forms a self-reinforcing accumulation loop.
Whether this strategy can be sustained depends on three things: the ETH price must be able to support the company’s balance sheet; staking rewards must cover operating costs; and the market must not experience extreme pressure that forces them to liquidate.
For now, all three conditions still hold. ETH has risen more than 20% this month; BitMine’s latest round of financing provides ammunition for continued buying; and staking rewards are already running.
From a market-structure perspective, with 5.9 million ETH locked on BitMine’s balance sheet, plus Ethereum’s 34.4% staking rate—an appreciable proportion of ETH is in a non-liquid state. On the demand side, with institutional ETFs seeing net inflows for 10 consecutive days, circulating supply is contracting, which is the most basic support logic for price.
After the Glamsterdam upgrade is rolled out, mainnet throughput increases and the burn rate rises, bringing deflationary pressure back. BitMine’s “5% Alchemy” bet is precisely on this long-term narrative.
How deeply do you think the move by a company to lock up close to 5% of ETH’s total supply into its treasury will affect ETH’s long-term price structure? Share your view.
$BNB
$ETH
#ETH
