Bitmine’s Ethereum stash hits $11.6B – Is ‘alchemy of 5%’ next?

Tom Lee’s Bitmine Immersion Technologies, Inc. has once again made the headlines for its holdings totaling $11.6 billion.

According to a press release report, the largest Ethereum DAT has accumulated a total of 5,416,901 ETH at $2,003 per ETH. In addition, the business’s treasury chest contains 203 Bitcoin.

However, Bitmine only owns 0.1% of Bitcoin and 99.9% of Ethereum.

That said, Bitmine has so far accumulated 4.49% of the Ethereum [ETH] supply as a result of this aggressive Ethereum buying spree. If this purchasing spree continues, Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026. 

Remarking on the same, Lee said, 

Over the past week, we acquired 26,497 ETH. In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring.

Meanwhile, AMBCrypto recently revealed that the company had acquired an additional 25,000 Ethereum worth $50.56 million. 

This coincided with Ethereum trading at $1,978.12 at press time, having dropped more than 5% over the previous week and more than 14% over the previous month. 

Ethereum’s staking activity draws attention

Meanwhile, Ethereum’s staking activity has increased, with 3.17 million ETH, or about $6.3 billion, waiting to join the staking queue, while only 57,873 ETH are awaiting withdrawal.

Given that more holders are opting to lock up their tokens rather than sell them, this nearly 55-fold difference demonstrates the high level of investor confidence in Ethereum.

The fact that Ethereum is handling a record number of transactions, which indicates rising network usage, makes the trend especially noteworthy. Though, ETH’s price hasn’t yet reflected these positive fundamentals. 

But are on-chain metrics bearish sentiments?

Meanwhile, Ethereum Exchange Netflow, which gauges whether ETH is moving into or out of exchanges, paints a concerning picture. 

According to this, the price of ETH has been impacted by bearish sentiment and general market weakness even though investors have been pulling the cryptocurrency off exchanges, indicating accumulation and less selling pressure.

Although there was a slight net inflow of roughly 23,800 ETH according to the most recent data, overall exchange balances seem to be dropping.

Final Summary

• Bitmine now owns about 4.49% of Ethereum’s total supply, and if accumulation keeps up its current rate, it may surpass the 5% mark in 2026.
• With only 57,873 ETH awaiting withdrawal and 3.17 million ETH awaiting staking, Ethereum’s staking demand is still remarkably high.