Bitmine Immersion Technologies has pushed its Ethereum treasury above 6 million ETH, moving within roughly two percentage points of completing its “Alchemy of 5%” accumulation objective. According to the company’s September 28 corporate update, Bitmine held 6,001,302 ETH as of September 27, equal to approximately 4.9% of Ethereum’s reported 122.1 million-token supply. The milestone takes Bitmine above 6 million ETH but does not yet complete its stated goal of owning 5% of total supply.
The company added 17,362 ETH during the latest week and says it has purchased Ether every week since launching its treasury strategy on June 30, 2025. Bitmine previously reduced its buying pace from periods exceeding 100,000 ETH per week as it approached the target. The current slowdown is therefore part of an earlier capital-allocation decision rather than a newly announced post-5% strategy.
Staking Already Generates a Second Treasury Engine
Bitmine has now staked 5,067,309 ETH, representing approximately 84% of its total holdings. Chairman Tom Lee said the company’s staking operations generated a seven-day annualized yield of 2.62%, producing projected annualized revenue of about $358 million at the current deployment level. Staking has transformed a large part of Bitmine’s ETH position from passive treasury exposure into an income-producing validator asset. The shift is already visible in Bitmine’s growing staking and validation revenue through MAVAN.
If the entire ETH position were eventually staked at the same recent yield, Bitmine projects approximately $424 million in annualized rewards. That figure is forward-looking and would vary with Ethereum staking economics, validator performance and the amount actually deployed. The $424 million estimate is not guaranteed income and should be separated from revenue already realized through staking.
The treasury strategy also includes capital-management tools beyond staking. Bitmine has previously combined incremental ETH purchases with share repurchases intended to influence ETH exposure per share, while management has emphasized issuing equity only when it believes the transaction is accretive to shareholders. The economic objective is increasingly about ETH per diluted share and recurring protocol revenue, not simply maximizing the headline number of tokens held.
The 5% Threshold Remains the Next Milestone
At a 122.1 million ETH supply, a full 5% position would equal roughly 6.105 million ETH, leaving Bitmine about 104,000 ETH short based on its September 27 holdings. The company remains close to its target but still requires additional accumulation, staking rewards or a combination of both to cross the threshold. Its current scale nevertheless makes treasury decisions material to the company’s balance sheet and validator operations.
Bitmine’s broader Ethereum thesis has developed alongside increased institutional exposure to the asset, including renewed ETF demand and Ethereum-linked infrastructure activity. The company has also diversified part of its balance sheet through investments such as its strategic stake in Beast Industries. Those investments remain separate from the core ETH accumulation strategy and should not be counted toward the Alchemy of 5% target.
The next concrete milestone is straightforward: Bitmine must move from 4.9% to an actual 5% of Ethereum supply before the Alchemy objective can be described as completed. After that, disclosures on acquisition pace, MAVAN deployment, realized staking revenue and capital allocation will determine whether the treasury strategy shifts materially from accumulation toward balance-sheet optimization.
