BitMine Immersion Technologies (BMNR) climbed 6.44% to $24.30 on August 24, up $1.47 from the previous close of $22.83. Trading volume hit 24.8 million, below the average of 37.4 million.
Bitmine Immersion Technologies, Inc., BMNR
The move came after BitMine disclosed it bought 32,447 ETH in a single week, pushing its total Ethereum treasury to 5.85 million tokens. The company valued those holdings at $2,440 per ETH.
That 5.85 million ETH stack now equals 4.8% of the circulating global supply of Ethereum. BitMine’s stated target is 5%.
BitMine Adds 32,447 ETH as Holdings Reach 5.85M ETH
BitMine said it acquired 32,447 ETH over the past week, bringing total holdings to 5,847,611 ETH, or about 4.8% of Ethereum’s supply. The company has staked 5,067,309 ETH, roughly 87% of its holdings, with projected… pic.twitter.com/lGLmmbFD2K
— Wu Blockchain (@WuBlockchain) August 24, 2026
The company built this position in just 14 months. It made its first ETH purchase on June 30, 2025, and has bought every week since. That is 60 consecutive weeks without a break.
For context, MicroStrategy took six years to accumulate 4.19% of Bitcoin’s circulating supply. BitMine passed a comparable ether percentage in a fraction of the time.
Chairman Tom Lee told the Bankless podcast the company needs roughly $350 million more in ETH to hit 5%, though he made that estimate before Ethereum’s recent rally. At current prices, the gap is closer to $620 million.
There is a catch. Ethereum’s supply is not fixed. The network added about 85,893 ETH in the past 30 days, bringing total supply to 121.98 million. A true 5% now means holding around 6.1 million ETH.
BitMine is about 251,000 tokens short of that figure.
Lee confirmed there are no plans to sell. The company has staked most of its ether, with 5.07 million staked tokens generating roughly $330 million per year in yield. That is about 12% of all staked ETH on the network.
That yield funds the dividend on BMNP, a 9.5% preferred stock BitMine sold in June at $80 per unit, against a $100 liquidation value. Lee described it as a cheap three-year call option on ether.
BitMine also paid for its entire ETH stack using common stock, not loans or convertible debt. Lee credited that clean balance sheet as a key reason the company survived while some rival crypto treasury firms did not.
The company is moving beyond simple accumulation. Its validator arm, MAVAN (Made in America Validator Network), launched in March. BitMine also helped anchor three groups spun out of the Ethereum Foundation alongside SharpLink and Ethereum co-founder Joe Lubin.
No other listed company comes close to BitMine’s ETH position. SharpLink, the next largest holder, owns 888,938 tokens, roughly one-seventh of BitMine’s stack.
Ethereum traded at $2,511 on August 24, up 31.8% over the prior seven days.
BMNR’s 52-week range stands at $12.80 to $65.60, with a one-year analyst price target of $31.87.
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