BitMine Immersion Technologies purchased just 7,430 ETH last week, marking a sharp deceleration from the 27,801 ETH accumulated the week before. Based on Ethereum’s current market price of around $1,879, the latest purchase was valued at approximately $14 million.
The pause in aggressive crypto accumulation centers on capital allocation toward the traditional equity market. BitMine Chairman Tom Lee explained that the company prioritized its share repurchase program. During this period, BitMine repurchased 5.5 million shares of common stock at an average price of $15.62 per share. The corporate action, which cost roughly $86 million, draws from a previously authorized $4 billion long-term buyback program. This shift in focus coincided with a surge in trading volume following BitMine’s inclusion in the Russell 1000 Index on June 26, where average daily trading volume topped $579 million.
“Alchemy of 5%” Target Nears Completion
Even with scaled-back crypto spending, BitMine’s treasury position remains unmatched. The company retains its status as the world’s largest corporate Ethereum treasury based on public holdings data. It now holds 5,777,468 tokens, or 5.78 million ETH, representing roughly 4.8% of Ethereum’s total circulating supply.
For management, the 4.8% milestone is not a random benchmark. BitMine is executing an internal strategy dubbed the “Alchemy of 5%,” aimed at capturing 5% of the global ETH supply. With its current holdings, the company has effectively completed 96% of the journey toward that ultimate goal.
Staking Fuels Corporate Revenue
These millions of tokens are not left sitting idle in digital vaults. BitMine has deployed 4,917,189 ETH - accounting for 85% of its total corporate treasury - into network staking validation. The operation, which began with native staking in November 2025 and expanded into the MAVAN platform in March 2026, has turned its crypto holdings into a cash-flow generating engine.
The results are evident in its quarterly filings for the period ending May 31, 2026, during which Ethereum staking generated $45.7 million in cash flow. This yield accounted for 98% of the company’s total quarterly revenue of $46.5 million. Through the MAVAN platform, BitMine projects annual staking revenue to reach $247 million, with estimates climbing as high as $290 million if the remainder of its ETH reserves are locked with network partners.
For corporate treasury observers, BitMine’s move demonstrates how large-scale players manage market operations differently. When liquidity is needed to support their own stock price, asset accumulation can be paused immediately while staked crypto holdings continue to generate yield that covers operational expenses.
Reported by CoinDesk.
Read also: How Crypto Staking Works and Its Risks
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
