Institutional accumulation of digital assets has reached a new symbolic milestone with the financial offensive led by BitMine. In just two weeks, the firm chaired by Tom Lee injected nearly $215 million to acquire almost 86,000 additional ethers, bringing its total reserves to over 5.9 million ETH. Valued at nearly $14.8 billion, this war chest reaffirms the company's ambition to cement its dominance as the leading corporate holder of the market's second-largest cryptocurrency.
This buying frenzy is part of the strategy dubbed "Alchemy of 5%", whose ultimate goal is to control one-twentieth of Ethereum's circulating supply. With roughly 4.9% of the global supply already locked in, the firm is nearing its target, having achieved nearly 98% of its revised goal. Completing the remaining balance of approximately 134,000 units will require an additional investment of around $337 million. In total, the group's overall treasury now stands at $15.6 billion, which also includes bitcoin, cash, and various sector investments.
The recent acceleration of these operations coincides with a sharp rally in the asset, marked by a weekly gain of roughly 30% that pushed its price past $2,500. Beyond market acquisitions, the company relies on the native mechanics of the blockchain to consolidate its position. By committing over 5 million ETH in staking (representing about 86% of its holdings), the entity generates passive yields estimated at nearly 90,000 ethers per year. This internal yield, representing roughly $335 million annualized, allows it to grow its exposure without systematically relying on order books.
This massive accumulation dynamic highlights major strategic stakes for the crypto-asset market. On one hand, the move validates the strong comeback of institutional capital and supports the long-term valuation of the network. On the other, concentrating such a significant portion of the circulating supply on the balance sheet of a single publicly traded entity raises questions regarding the gradual centralization of supply. The imminent crossing of the 5% threshold will serve as a textbook case study in the history of corporate treasury management applied to digital assets.