Bitmine Acquires $41M More Ethereum, Nears 99% of 5% Target

Bitmine Immersion Technologies Continues Ethereum Buying Spree, Chairman Eyes Crypto Bull Market

Bitmine Immersion Technologies extended its unbroken buying streak this week, acquiring an additional 15,112 Ethereum valued at approximately $41 million. The company’s chairman, Tom Lee, asserted that a cryptocurrency bull market is “underway.”

The NYSE-listed firm announced Monday that its total Ethereum holdings now stand at 6,016,414 ETH, with an estimated value of $16.4 billion based on a reference price of $2,726 per coin. (Disclosure: Tom Lee is an investor in Dastan, Decrypt’s parent company.)

This accumulation represents 4.9% of Ethereum’s total supply of 122.1 million tokens. Bitmine states it is now 99% of the way to its objective of controlling 5% of the network, a target it refers to as the “Alchemy of 5%,” a goal it aims to achieve within 15 months.

The recent purchase marks a continuation of a consistent acquisition strategy that has been in place since Bitmine launched its treasury strategy on June 30, 2025, with the company buying Ethereum weekly since that date. Lee highlighted that Bitmine’s stock has outperformed Ethereum even during the 2025-2026 bear market. He noted that BMNR, the company’s stock ticker, declined by 3% in the first nine months of 2026, while Ethereum dropped by 10%.

Lee also pointed out that Ethereum has significantly outperformed other macro assets this quarter, surpassing the S&P 500 by 6,832 basis points. This performance occurred despite prevailing headwinds, including a hawkish stance from the Federal Reserve, rising oil prices, and increasing global bond yields.

Including cash, other digital assets, and what it terms “moonshot” investments, Bitmine’s total holdings reached $17.4 billion as of Saturday. This portfolio includes 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $117 million position in Eightco Holdings. Bitmine describes Eightco Holdings as one of the few publicly traded equities offering indirect exposure to OpenAI.

Bitmine maintains its position as the world’s largest Ethereum treasury and the second-largest overall cryptocurrency treasury, trailing only Michael Saylor’s Strategy, which holds approximately 847,666 BTC.

Strategy recently reported a $21 billion gain in the third quarter and has resumed Bitcoin purchases. Meanwhile, Metaplanet sold and subsequently repurchased 10,000 BTC to illustrate its treasury mechanics.

Bitmine continues to generate income from staking its Ethereum holdings. Approximately 84% of its ETH, totaling 5,067,309 coins, is staked through its MAVAN platform, with projected annualized revenue estimated at around $363 million.