BitMine Immersion Technologies holds roughly 5.85 million ether, or about 4.8% of the 120.7 million ETH cited in its disclosures, leaving it near 97% of its Alchemy of 5% target around 6.04 million tokens after more than 60 straight weeks of purchases funded mainly by equity sold above net asset value. Chairman Tom Lee told the Bankless podcast the firm needs on the order of another $350 million of ETH to finish the goal by year-end 2026 or sooner, has deliberately slowed its pace after discussions with the Ethereum Foundation to avoid looking like a centralizing force, and over the past five weeks has split capital between ether buys and share buybacks. An Aug. 24, 2026 update marked the stack at $2,440 per ETH with about 5.07 million ETH staked, 210 bitcoin, moonshot stakes, and cash near $308 million for roughly $14.9 billion in crypto, liquidity, and related assets; Lee sees little reason to sell, says staking already covers preferred dividends, and left open revisiting a stake above 5% in 2027 if enterprises hold ETH more widely. Ether has surged more than 30% since mid-August toward the $2,500 level, with large buyers including BitMine accumulating about 34,000 ETH as spot Ethereum ETFs recorded $1.06 billion of August inflows, the highest in a year, reinforcing the institutional bid tied to BMNR shares and Lee’s longer-term case for tokenization and AI-driven settlement.