Summary
- Bitmine purchased an additional 15,112 ETH, valued around $41 million, bringing its total to 6,016,414 ETH (approximately $16.4 billion), which is 4.9% of the total supply—just 1% shy of its "Alchemy of 5%" goal.
- Chairman Tom Lee stated that a crypto bull market is "underway," highlighting ETH's performance exceeding the S&P 500 by 6,832 basis points this quarter despite challenging macroeconomic conditions.
- Bitmine's overall assets, including cash and speculative investments, reached $17.4 billion.
This week, Bitmine Immersion Technologies continued its streak of acquisitions by adding 15,112 Ethereum to its portfolio, valued at roughly $41 million. Chairman Tom Lee emphasized that a crypto bull market is currently in progress.
The NYSE-listed firm announced on Monday that its total ETH holdings now stand at 6,016,414, with an estimated worth of $16.4 billion based on a price of $2,726 per coin. (Note: Tom Lee is one of several investors in Dastan, the parent company of Decrypt.)
Myriad: Predict Ethereum's next move! Click to share your thoughts.This amount represents 4.9% of Ethereum's total supply of 122.1 million tokens, putting Bitmine 99% of the way towards its goal of holding 5% of the network, a target it refers to as the "Alchemy of 5%," which it aims to achieve in just 15 months.
The recent acquisition is part of an ongoing effort that has not stopped since Bitmine initiated its treasury strategy on June 30, 2025, with the company purchasing Ethereum weekly. Lee noted that the firm’s stock has outperformed Ethereum, even during the bear market of 2025-2026, with BMNR declining 3% in the first nine months of 2026 compared to a 10% drop in ETH.
Lee also pointed out that Ethereum has significantly outperformed other major assets this quarter, surpassing the S&P 500 by 6,832 basis points despite challenges such as a hawkish Federal Reserve, rising oil prices, and increased global bond yields.
Including cash, other cryptocurrencies, and what Bitmine refers to as "moonshot" investments, the company's total holdings reached $17.4 billion as of Saturday. This includes 214 Bitcoin, $643 million in cash and marketable securities, a $180 million investment in Beast Industries, and a $117 million stake in Eightco Holdings, which Bitmine claims is one of the few public equities providing indirect exposure to OpenAI.
Bitmine is currently the largest Ethereum treasury globally and the second-largest cryptocurrency treasury overall, following Michael Saylor's Strategy, which holds around 847,666 BTC.
Strategy recently reported a $21 billion gain in the third quarter and resumed its Bitcoin purchases, while Metaplanet sold and repurchased 10,000 BTC to demonstrate its treasury strategies.
Additionally, Bitmine continues to earn staking income, with 5,067,309 ETH, approximately 84% of its total holdings, staked through its MAVAN platform, generating projected annual revenue of about $363 million.