Bitmine Immersion Technologies, chaired by Fundstrat Global Advisors co-founder Tom Lee, reportedly acquired 40,000 ETH on Tuesday as part of its ongoing expansion of the world’s largest corporate Ethereum treasury. Blockchain analytics platform Lookonchain identified the transactions, which carry a reported value of approximately $70 million and move the firm closer to its long-term ownership targets.
The reported acquisition was traced by Arkham Intelligence to institutional hot wallets operated by FalconX and Kraken. While Bitmine Immersion Technologies (NYSE: BMNR) has not officially confirmed this specific Tuesday trade, the move aligns with its established “Alchemy of 5%” strategy.
Blockchain data reveals heavy accumulation by Bitmine Immersion Technologies
This roadmap aims to secure a 5% ownership stake in Ethereum’s total circulating supply, a milestone the company is currently about 95% of the way toward achieving.
The specifics of the transaction show that the 40,000 ETH was distributed across two distinct wallet addresses. This activity follows a confirmed disclosure from Monday, where the firm revealed it had acquired 42,197 ETH during the previous week. Such consistent buying patterns suggest a strong institutional conviction even as the Ethereum recovery outlook remains a central topic for technical analysts adjusting to current price levels.
According to the company’s most recent official disclosure, its total Ethereum holdings reached 5,742,237 tokens as of July 5, 2026. This stockpile represents roughly 4.8% of the 120.7 million tokens in the current circulating supply.
Bitmine recently transitioned from a Bitcoin mining focus to becoming a digital asset treasury company (DATCO), mirroring shifts seen in the broader Ethereum network outlook where large-scale holders are increasingly prioritizing long-term accumulation.
Portfolio value and the Alchemy of 5 percent goal
The company’s total portfolio value, including digital assets, cash, and strategic “moonshot” investments, was valued at $11.1 billion as of June 28, 2026. This diversified balance sheet includes 206 Bitcoin and approximately $527 million in cash and marketable securities.
Bitmine also holds significant stakes in private ventures, including an estimated $180 million position in Beast Industries and $71 million in Eightco Holdings (NASDAQ: ORBS), which provides indirect exposure to OpenAI.
Chairman Tom Lee remains optimistic about the treasury’s trajectory, noting on July 6 that the firm expects to reach its “Alchemy of 5%” target sometime within 2026. He believes the industry is in the early stages of a “crypto spring.” This aggressive posture is supported by native protocol activities, which turn passive holdings into active revenue streams for the corporation.
Staking revenue and the MAVAN validator network
A central pillar of the firm’s financial model is the Made in America Validator Network (MAVAN). As of July 5, Bitmine has 4,879,157 ETH staked—roughly 85% of its total ether holdings—through MAVAN and partner infrastructure. At current levels, this staking activity is projected to deliver approximately $235 million in annualized rewards, providing a fundamental yield that traditional corporate treasuries often lack.
Lee has recently pointed to the maturation of the ecosystem as a primary reason for this heavy commitment. He highlighted that Layer 2 networks are now processing high-volume USDC transactions for global companies such as Shopify and Visa.
As the CLARITY Act advances through legislative channels, providing much-needed regulatory definitions, Bitmine views its role as a network validator as a strategic bridge between decentralized finance and traditional commerce.
Institutional shifts and upcoming financial reports
The firm’s profile changed significantly on June 26, 2026, when it was added to the Russell 1000 Large-cap Index. Lee expects this inclusion to broaden the shareholder base to include hundreds of new institutional investors. In a move to further bolster its capital position, Bitmine completed a $273.8 million preferred stock offering in June, which carries a 9.5% annual dividend rate.
Despite Bitmine (BMNR) shares closing down 4.8% at $14.80 on Tuesday, the company’s forward-looking metrics remain focused on the next quarterly update. Analysts currently expect quarterly revenue of approximately $45 million. The market is now looking toward July 29, 2026, when Bitmine is scheduled to report its financial results for the April through June quarter, likely providing official confirmation of its recent on-chain activities.