Summary

  • Bitmine has acquired 53,501 ETH for approximately $131 million, marking its largest weekly purchase since June, and bringing its total ETH holdings to 5,901,112, which is 4.9% of the total supply and nearly reaching its "Alchemy of 5%" objective.
  • This acquisition continues a consistent buying trend that has persisted for 65 weeks since the treasury strategy commenced in June 2025, with total asset holdings now at $15.6 billion.
  • Bitmine is recognized as the largest ETH treasury and the second-largest cryptocurrency treasury overall, following Strategy, with 86% of its ETH staked through MAVAN, generating an estimated annual revenue of around $335 million.

Bitmine Immersion Technologies ramped up its Ethereum purchases last week, acquiring 53,501 ETH valued at about $131 million, as chairman Tom Lee highlights the cryptocurrency's robust performance in the third quarter.

The company, which is publicly traded on the NYSE, announced on Monday that its Ethereum holdings are now 5,901,112 ETH, worth approximately $14.8 billion based on a reference price of $2,511 per coin. This represents 4.9% of Ethereum's total supply of 120.7 million tokens, putting Bitmine 98% of the way towards its goal of controlling 5% of the network, which it refers to as the "Alchemy of 5%."

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This latest purchase continues a streak of weekly acquisitions; Bitmine has consistently bought Ethereum since launching its treasury strategy on June 30, 2025, now reaching 65 weeks, despite some recent acquisitions being smaller in scale.

Lee noted that the top three performing assets since June 30 have been Ethereum, Bitcoin, and Solana, with Ethereum outperforming the S&P 500 by 5,430 basis points so far this quarter, suggesting that this strong performance may encourage institutional investors to increase their crypto investments. (Disclosure: Tom Lee is one of the investors in Decrypt's parent company, Dastan.)

When considering cash, other digital assets, and what Bitmine calls its "moonshot" investments, the company’s total assets have reached $15.6 billion as of Saturday. This includes 211 Bitcoin, $541 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $81 million position in Eightco Holdings.

Bitmine holds the distinction of being the largest Ethereum treasury globally and the second-largest cryptocurrency treasury overall, only behind Michael Saylor's Strategy.

Ethereum ETF Net Flows. Image: Decrypt

Bitmine has also resumed its Bitcoin purchases after a two-month hiatus, acquiring around $370 million in Bitcoin in its first buy since June. This move follows a rally that has increased the value of Strategy's 840,447 BTC to approximately $2.8 billion in paper profit, after a summer where the position remained underperforming. Strategy’s holdings are valued at around $66 billion, significantly surpassing Bitmine’s crypto assets.