Bitmine Immersion Technologies has reached the final stage of its 12-month “Alchemy 5%” plan, according to its latest company statement. In a progress report published on July 6, Bitmine announced that it has completed 95% of its target. The company’s Ethereum holdings have now reached 5.74 million ETH, corresponding to approximately 4.8% of the total global supply of 120.7 million ETH.
The final 0.2% remains to reach the target
To achieve its goal of holding 5% of global ETH, Bitmine now needs to acquire just 0.2 percentage points more from the market. The company’s total assets, including cash and venture investments, have climbed to $11.1 billion. A significant portion of these assets continues to generate revenue.
Bitmine has staked 4.88 million ETH through its MAVAN validator network in the US. This structure generates between $235 million and $277 million in annual passive income for the company.
Bitmine has reached 95% completion in its 12-month plan and is approaching the final purchase stage for its 5% Ethereum accumulation target.
Glossary: Staking involves locking digital assets on a blockchain network to support its security, earning rewards in return. A validator network refers to the technical infrastructure that validates transactions and keeps the network running.
Tom Lee assesses changes between ETH and BTC
Meanwhile, the ETH/BTC ratio has seen significant upward movement. After this rise, Bitmine’s Chairman of the Board, Tom Lee, shared a chart arguing that major investors have started pricing Ethereum’s utility more assertively. Lee is also recognized as a co-founder of Fundstrat.
Lee linked this move to expectations around the Clarity Act. He suggested that this potential regulation could pave the way for ETH to be recognized as a legal digital commodity under the CFTC, providing clarity and reducing SEC-related uncertainties for the project. The key factor highlighted by Lee was Ethereum’s active role in USDC transactions for payments firms like Visa and Shopify.
Losses mount, strategy remains unchanged
Bitmine’s aggressive accumulation strategy has placed significant pressure on its balance sheet. Over the past year, the company has purchased ETH at an average price above $3,300. With ETH prices falling to the $1,740–$1,800 range as of July 6, unrealized losses have soared beyond the $9 billion to $10 billion mark.
Despite these losses, the company carries no debt. Dividend payments and expenses are being covered by staking revenues, while the company’s overall financial performance is now closely tied to any potential rebound in ETH prices. For this reason, BMNR shares are recognized in Wall Street as a high-risk proxy for indirect Ethereum exposure.
The spotlight shifts among major players
As Bitmine continues to accumulate Ethereum, activity among other major market players has also attracted attention. On the institutional side, Strategy, the company led by top Bitcoin holder Michael Saylor, took the unusual step of selling 3,588 BTC for $216 million.
Strategy still holds a balance of 843,775 BTC. However, the timing of this profit-taking coincided with Bitmine’s uninterrupted Ethereum purchases, prompting investors to reconsider which assets are drawing the focus of the largest funds in the market.
