Summary
- Bitmine has acquired an additional 27,562 ETH, bringing its total holdings to 5,983,940 ETH (approximately $16.1 billion), representing 4.9% of the total supply, nearing its "Alchemy of 5%" target.
- Chairman Tom Lee stated that a crypto bull market has been in effect since late June, identifying Ethereum as the top-performing macro asset of the quarter, and anticipates that underexposed institutions will begin investing in Q4.
- The company's total assets, including cash and speculative investments, reached $17.1 billion, positioning Bitmine as the largest ETH treasury and second overall behind Strategy.
Bitmine Immersion Technologies has continued its streak of acquisitions this week, purchasing 27,562 Ethereum, valued around $74 million, while chairman Tom Lee proclaimed that a new crypto bull market is emerging, with many institutions still not participating.
As of Monday, the NYSE-listed firm reported its Ethereum holdings now total 5,983,940 ETH, which is worth about $16.1 billion based on a price of $2,688 per coin.
Myriad: What's next for Ethereum? Share your prediction.This acquisition signifies 4.9% of Ethereum's overall supply of 122.1 million tokens, leaving Bitmine nearly at its goal of controlling 5% of the network, a target it refers to as the "Alchemy of 5%."
The recent purchase is part of Bitmine's ongoing strategy that began on June 30, 2025, with the company acquiring Ethereum weekly since then.
Lee expressed his belief that a crypto bull market has been underway since late June, fueled by a shift from AI stocks back into crypto, improved fundamentals for tokenization, and the conclusion of the four-year cycle. (Note: Tom Lee is an investor in Dastan, the parent company of Decrypt.)
He noted that Ethereum has emerged as the best-performing macro asset this quarter, outperforming the S&P 500 by 6,519 basis points, and suggested this is a precursor to a more significant movement in the fourth quarter as institutions with lower exposure begin to invest.
Including cash, other cryptocurrencies, and what Bitmine calls "moonshot" investments, the company’s total assets have reached $17.1 billion as of Saturday. This portfolio includes 212 Bitcoin, $714 million in cash and marketable securities, a $180 million investment in Beast Industries, and a $105 million stake in Eightco Holdings.
Bitmine holds the title of the largest Ethereum treasury in the world and ranks second overall in terms of crypto treasury, only behind Michael Saylor's Strategy.
Strategy has recently increased its Bitcoin holdings, approaching a record set in June with a $76 million purchase, amidst a renewed trend of treasury acquisitions as the prices rise. Bitcoin surged past $85,000 over the weekend, leading to the liquidation of over $648 million in short positions.
Bitmine is also generating staking income, with 5,067,309 ETH—around 85% of its total holdings—staked through its MAVAN platform, projecting an annualized revenue of approximately $357 million. Lee is scheduled to give a keynote address at Korea Blockchain Week on September 30.