Bitmine Accumulates 125,000 ETH Worth $205M According to On-Chain Data

On-chain data reveals that BitMine Immersion Technologies (BMNR), chaired by prominent Fundstrat analyst Tom Lee, has once again ramped up its Ethereum accumulation. Over the past few days, the company purchased approximately 125,000 ETH worth around $205 million.

This latest buying spree may rank among BitMine’s five largest Ethereum purchases ever if confirmed. Lookonchain reported significant activity from wallets linked to the company, including large transfers from major OTC desks and exchanges. These moves come shortly after BitMine officially confirmed a major $213 million purchase of 126,971 ETH earlier this week on Monday.

The fresh buys have pushed BitMine’s total Ethereum holdings to 5.54 million ETH, representing roughly 4.6% of Ethereum’s total supply. The company has been vocal about its ambitious “Alchemy of 5%” goal — acquiring 5% of all ETH in existence — and is now very close to achieving it.

BitMine currently stands as the largest corporate holder of Ethereum by a wide margin and ranks as the second-largest overall Digital Asset Treasury (DAT) company, behind only Strategy. Bitcoin still dominates the corporate treasury space with 95% market share, while Ethereum accounts for just 4.3% according to BitcoinTreasuries.NET data.

In recent comments, Tom Lee underscored the strategic importance of Ethereum:

“Investing in blockchain is akin to owning real estate.”

Tom Lee has made a strong case for Ethereum, noting that the entire financial system today is built on tech stack on top of tech stack with a lot of fake or fraudulent transactions, while Ether (and BTC) has had zero fraudulent transactions. He added that blockchains are also much cheaper to run. He compared investing in blockchain to owning real estate and said agentic AI will use blockchains for speed and to keep them from going rogue. Lee also indicated that BitMine may not need to own more than 5% of the supply and believes the company will likely be added to the Russell 1000 index at the end of June, which should help stabilize the price. He further noted that Ether supply has contracted and that BitMine holds a large stake in Mr. Beast’s financial company.

BitMine stakes the vast majority of its ETH holdings through its proprietary MAVAN (Made-in-America Validator Network), which generates substantial staking yield and cash flow for the company.

Market watchers expect the latest on-chain purchases to receive official confirmation in BitMine’s next SEC filing, anticipated around next Monday. If the company sustains its current pace of accumulation, it could cross the symbolic 5% threshold before the end of 2026.

This aggressive strategy continues to draw attention as one of the strongest institutional conviction signals for Ethereum in the current market cycle.