Tom Lee's Bitmine Buys $123 Million More Ethereum as Treasury Tops 5.4 Million ETH

Crypto Insight Summary: * The firm now holds 5.4 million ETH and ranks second only to Strategy among public crypto treasuries. * Tom Lee’s “Alchemy of 5%” target faces a test as ether trades far below earlier buy prices. ## A 75,000 ETH Buy in an Eight-Hour Window Bitmine Immersion Technologies (NYSE American: BMNR) acquired 75,000 ether on June 9 for about $123 million, paying an average of roughly $1,640 per coin. The trades were routed through Kraken and FalconX over an eight-hour window and split across three wallets, two of them freshly created for the purchase. The buy pushes Bitmine’s holdings above 5.4 million ETH, a stash the company says represents more than 5% of the total ethereum supply, though some onchain trackers place the figure closer to 4.6%. It extends a run of large 2026 purchases that already included 89,000 ETH for $197 million, 111,000 ETH for $237 million, and 127,000 ETH for $214 million. (Nasdaq: MSTR) and its roughly 845,256 BTC. Tom Lee, the Fundstrat co-founder who chairs the company, calls the plan the “Alchemy of 5%,” a target of controlling more than 5% of all ether in existence. Bitcoin.com News reported in April that Bitmine added [101,627 ETH worth $233 million](https://news.bitcoin.com/bitmine-buys-101627-eth-233-million-2026/) in what was then its largest single accumulation of the year. Crypto Insight Analysis: Direction: Bullish ETH Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: Large institutional purchase boosts sentiment but market impact is limited by fragmented execution.