BitMine Nears 5% Of ETH Supply With 5.5M Stack As Ether Falls 27% On Month

• BitMine holds $9.6 billion in crypto and cash even as Ethereum fell 27% on the month.
• It bought 126,971 ETH last week, lifting its stake to about 5.5 million ETH which is about 4.59% of supply, or 92% toward its "Alchemy of 5%" goal.
• Bankless co-founder David Hoffman questioned the buying spree, asking where BitMine got an "infinite money printer."

BitMine Immersion Technologies (BMNR) announced on Monday its holdings hit $9.6 billion even as Ethereum sank 27% monthly, a purchase that had Bankless co-founder David Hoffman asking where it got an "infinite money printer."

BitMine has acquired 126,971 ETH over the past week. Now it holds around 5.5 million ETH, valued at $1,630 per token, alongside 204 Bitcoin (BTC), $247 million in cash, and stakes in Beast Industries and Eightco Holdings (ORBS) that it labels "moonshots." BitMine’s ETH stake equals 4.59% of the total ETH supply.

That puts the firm 92% of the way toward its "Alchemy of 5%" goal, which chairman Tom Lee said he expects BitMine to reach sometime in 2026. 

Ethereum’s price was up more than 3% over the past 24 hours but remained down over 27% on the month. On Stocktwits, the retail sentiment around ETH stayed in the ‘extremely bullish’ zone, while chatter around it stayed ‘high’ over the past day. 

Buying Through The Bleed

The accumulation has drawn skeptics. Reacting to the latest purchase, Bankless co-founder David Hoffman asked on X, "Where did BitMine get an infinite money printer?"

The answer lies in the company's capital markets activity. BitMine recently priced an upsized Series A Perpetual Preferred Stock Offering, funding its ETH purchases through equity raises rather than operating cash flow.

BitMine said it has staked about 4.72 million ETH, worth $7.7 billion and more than 85% of its holdings, projecting roughly $230 million in annualized staking revenue at a 2.99% seven-day yield through its Made-In-America VAlidator Network (MAVAN) platform.

The firm ranks as the second-largest crypto treasury overall, only behind Strategy (MSTR). BMNR’s stock was up over 8% during midday trading hours. On Stocktwits, the retail sentiment around BMNR moved to the ‘bullish’ from ‘neutral’ zone, while chatter around it stayed ‘high’ over the past day.

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