18 August 2026
2220
Bitmine Immersion Technologies Boosts Ethereum Reserves to Nearly 5% of Total Supply
Bitmine Immersion Technologies (BMNR), led by Tom Lee, continues to actively accumulate Ethereum even amid a prolonged market downturn. According to the latest data, the company’s reserve has reached 5,815,164 ETH — roughly 4.8% of the total coins in circulation. This puts Bitmine at 96% of its strategic goal of holding 5% of all Ethereum.
Over the past week, Bitmine purchased an additional 9,926 ETH, bringing its total holdings to approximately 5.82 million coins. The current market value of this reserve is estimated at around $11 billion. This makes Bitmine the largest corporate holder of Ethereum in the world. In the overall ranking of crypto treasuries, the company ranks second, trailing only Strategy with its Bitcoin position valued at about $58 billion.
In addition to Ethereum, Bitmine’s balance sheet also includes:
The company had previously reported reaching the 4.14 million ETH mark, so the accumulation process continues systematically.
Bitmine’s primary goal is called Alchemy of 5% — owning 5% of the entire Ethereum supply. There are currently about 120.7 million ETH in circulation, and the latest purchase has brought the company to 96% of this symbolic target.
Bitmine primarily finances its purchases through equity offerings. At the same time, the company is actively buying back its own shares: 1.7 million shares over the past week, and a total of 20.8 million shares since July 1 under a previously approved $4 billion buyback program.
The most revealing detail of the current moment is that a significant portion of the ETH was purchased at substantially higher prices. According to industry estimates, Bitmine is sitting on unrealized losses exceeding $8.4 billion, which represents about 43% of the current portfolio value.
Ethereum traded slightly above $1,900 on Monday. The company continues to buy during the decline without realizing losses. Paper losses only become real upon sale, but the scale of the drawdown clearly illustrates how expensive the bet on Ethereum’s recovery has become.
The majority of the reserve is not simply sitting idle. More than 5 million ETH (approximately $9.6 billion) has already been staked through the company’s MAVAN platform and partners — roughly 87% of all Bitmine’s coins.
According to the company’s own estimates, annual staking income could amount to around $250 million. Some sources (including Cointelegraph) project a figure closer to $287 million per year. The exact amount depends on network parameters and the price of ETH.
Bitmine Chairman Tom Lee is openly betting that Ethereum will outperform Bitcoin. He noted that the ETH/BTC ratio was at 0.02994 and has broken above the long-term downtrend of recent years.
In Lee’s view, this ratio rose during previous bull cycles due to increasing Ethereum usage relative to Bitcoin (ICOs in 2017–2018, NFTs in 2020–2021, and stablecoins in 2025). In the new cycle, he expects ETH/BTC growth driven by tokenization of real-world assets by Wall Street and the application of agentic artificial intelligence. He also believes that easing financial conditions will support the crypto market as a whole.
It is important to note: this is a forecast and the position of the most interested major player, not an established fact. So far, the market has not confirmed this thesis — Ethereum remains in a prolonged downturn, and Bitmine’s paper losses speak for themselves.
Two key points to monitor:
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This material was prepared based on the company’s public data and market information as of mid-August 2026.
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