Bitmine Immersion Technologies, Inc., led by Tom Lee, has further expanded its digital asset treasury by acquiring 25,000 ETH, valued at approximately $50.56 million. The transaction, which involved a large withdrawal from the Kraken exchange, underscores a sustained period of corporate interest in Ethereum as a primary reserve asset. This latest move follows a massive $237 million ETH purchase made roughly one week prior, marking the company’s largest single-week acquisition since the start of 2026.
The acquisition occurred during a window where Ethereum remained under price pressure, yet Bitmine has continued to view these levels as attractive accumulation zones. On-chain data from Lookonchain confirmed the 25,000 ETH transfer occurred while the asset traded near the $2,000 support level. While the market has recently navigated a weakened Ethereum price outlook, institutional entities like Bitmine appear to be absorbing supply as spot exchange netflows showed only a modest inflow of $4.33 million during the period.
Bitmine approaches major ETH supply milestone
This aggressive buying strategy has brought Bitmine’s total holdings to significant levels. As of May 25, 2026, the company held 5,390,404 ETH, representing more than 4.47% of the total circulating supply. By May 29, 2026, reports indicated the firm held between 5.3 million and 5.4 million ETH, valued at over $11 billion. This account for roughly 4.5% of the total supply, positioning Bitmine as a dominant institutional force within the ecosystem.
The firm isn’t just holding these assets in cold storage; it’s actively participating in the network’s security. As of May 25, 2026, Bitmine had staked 4,712,917 ETH, which was worth approximately $10.1 billion at the time. This massive staking position aligns with a broader strengthening Ethereum network outlook, as institutional commitment remains high despite price volatility and fluctuating retail sentiment.
Portfolio diversification and the Alchemy of 5 percent goal
Bitmine remains focused on its “Alchemy of 5%” objective, a mandate to eventually own 5% of the total Ethereum supply. As of early May, the company was reportedly 86% of the way toward this goal. While Ethereum is the cornerstone of their balance sheet, the firm maintains a diversified portfolio. As of May 25, 2026, Bitmine held 203 Bitcoin (BTC), alongside a $200 million stake in Beast Industries and a $95 million stake in Eightco Holdings.
The company’s liquid cash reserves sat at $444 million in late May, a decrease from the $864 million reported in April. This shift suggests a deliberate pivot toward hard assets. While current market reactions to ETF outflows have caused some retail caution, Bitmine’s consistent accumulation at the $2,000 support level signals a long-term conviction that transcends short-term technical breakdowns.
Institutional conviction persists amid price weakness
Bitmine’s recent 25,000 ETH addition is part of a year-long accumulation trend that has seen the firm acquire over 5 million ETH in just 12 months. This represents an investment of roughly $10 billion. By focusing on Ethereum as its primary treasury reserve, Bitmine is betting on the long-term utility of the network. The move to withdraw funds from Kraken into private or staking custody reduces exchange-side liquidity, a factor that analysts often monitor for potential supply-side impacts.
So long as Ethereum trades above the critical $2,000 zone, Bitmine appears poised to continue its accumulation strategy. The firm’s massive staking footprint also gives it substantial influence over the proof-of-stake governance of the network. For now, the “Alchemy of 5%” remains the primary target, with the company likely to hit that mark if current buying patterns persist through the third quarter of 2026.