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BitMine Gobbles Up $110M Ethereum in Massive Dip Buy — Is the “Alchemy of 5%” Imminent?
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Jan 21, 2026
BitMine now controls 4,203,036 ETH, representing about 3.48% of Ethereum’s total circulating supply, narrowing the gap toward its 5% accumulation target.
BitMine Immersion Technologies has once again pushed itself to the center of the crypto market after revealing a fresh wave of Ethereum accumulation that reflects how far the company has come in just six months.
The New York–listed firm disclosed on January 20 that it now holds 4,203,036 ETH, valued at roughly $13.5 billion at recent prices, following weeks of steady purchases made during market weakness.
Ethereum has declined by 10.8% over the past seven days and is down 4.5% in the last 24 hours, currently trading at $2,966.44.
The update immediately reignited debate around BitMine’s stated goal of acquiring 5% of Ethereum’s total circulating supply, a target the company calls the “alchemy of 5%.”
Weekly ETH Buys Push BitMine Toward 5% Supply Mark
The numbers show how close BitMine already is; with Ethereum’s circulating supply estimated at about 120.7 million ETH, a 5% stake would amount to roughly 6.03 million ETH.
BitMine’s current holdings represent about 3.48% of supply, leaving the company needing approximately 1.8 million additional ETH to reach its stated threshold.
At prevailing prices near $3,000 per token, that remaining gap translates into several billion dollars of capital, even before accounting for market impact.
Company disclosures show that BitMine has been buying ETH nearly every week since late October, including more than 35,000 ETH in the week ending January 20.
These purchases have taken place alongside broader volatility in crypto markets, reinforcing the firm’s message that it is using price weakness to build a long-term position rather than trading short-term moves.
Chairman Tom Lee has repeatedly framed the strategy as accretive to net asset value, emphasizing that the company does not intend to issue shares below its internal estimate of mNAV.
That approach appears to have won shareholder backing, so that even at BitMine’s January 15 stockholder meeting in Las Vegas, investors approved all four proposals put forward by management.
About 81% of votes cast supported the change, representing more than half of all outstanding shares.
Lee described the result as a clear show that shareholders understand and support the ETH accumulation strategy, even as concerns around dilution continue to surface in market discussions.
BitMine Ramps Up Ethereum Staking as Treasury Swells
Beyond simply holding Ether, BitMine is also moving aggressively to stake its position. As of January 19, the company had staked 1,838,003 ETH, worth close to $5.9 billion, up sharply from just over 650,000 ETH earlier this month.
The staking effort currently relies on third-party providers, but BitMine is preparing to launch its own infrastructure, the Made in America Validator Network, or MAVAN, in early 2026.
Using the current composite Ethereum staking rate of about 2.81%, the company estimates that a fully deployed staking operation could generate roughly $374 million in annual fees, or more than $1 million per day, assuming performance and network conditions remain stable.
The scale of BitMine’s balance sheet now places it in rare territory among public companies.
Its crypto, cash, and “moonshot” holdings total about $14.5 billion, including nearly $1 billion in cash, a smaller Bitcoin position of 193 BTC, and equity stakes such as a recently announced $200 million investment into Beast Industries.
While that investment is not directly tied to the Ethereum strategy, it reflects BitMine’s broader effort to diversify alongside its core crypto treasury.
Following the news, Bitmine stock is trading slightly above $28, far below its mid-2025 peak, yet it remains one of the most actively traded stocks in the United States, with average daily dollar volume around $1.5 billion.
Sources >> BitMine Gobbles Up $110M Ethereum in Massive Dip Buy — Is the “Alchemy of 5%” Imminent?
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