Bitmine Immersion Secures 4.8% of Ethereum Supply

Bitmine Immersion, the Ethereum treasury led by Tom Lee, now controls 4.8% of the network with 5.815 million ETH, marking a new milestone in institutional crypto ownership.

Bitmine's Explosive ETH Accumulation

The firm added 9,926 ETH last week, continuing a weekly buying streak that began in June 2025.

■Total ETH: 5.815 million

■Market Share: 4.8%

■Value: $11 billion (ETH price $1,904)

■BMNR Stock: Up ~2% today

Buying Strategy and Financial Expansion

Simultaneously, Bitmine purchased 1.7 million of its own shares, bringing its holdings to 20.8 million under a $4 billion buy‑back programme.

■Buy‑Back Programme: $4 billion

■Shares Acquired: 1.7 million

■Total Shares Owned: 20.8 million

Market Dynamics: CEX vs DEX and RWA Perps

July saw combined CEX volumes fall 23.9% to $3.76 trillion, the lowest since November 2023. Meanwhile, DEX spot market share hit a record 19.5%, and RWA perpetual contracts reached $460 billion.

■CEX Volume: $3.76 trillion

■DEX Spot Share: 19.5%

■RWA Perps: $460 billion

Analyst Note (Berk Arıcan): Bitmine’s increasing ETH stake aligns with growing institutional demand from tokenization and AI‑agent use cases. However, a 4.8% concentration raises centralization concerns and could amplify price volatility. Investors should closely monitor the pace of Bitmine’s purchases and the impact of its share repurchase programme for both short‑term price action and long‑term supply‑demand equilibrium.