Bitmine, chaired by Tom Lee, has purchased another $19M in ETH and is now 96% toward acquiring 5% of Ethereum's total supply.
Macro & Markets ·
Bitmine Immersion Technologies has purchased 9,926 Ethereum tokens worth approximately $19 million, bringing its total ETH holdings to 5.82 million tokens valued at roughly $11 billion. According to Chairman Tom Lee, the company is now 96% of the way toward its stated goal of acquiring 5% of Ethereum's circulating supply, which represents 4.8% of the current 120.7 million ETH in circulation.
The treasury firm has been executing weekly Ethereum purchases for 14 months as part of its "Alchemy of 5%" strategy. Beyond its Ethereum position, Bitmine holds additional assets including 210 Bitcoin, $78 million in cash and securities, and stakes in other companies valued at $253 million combined. The firm has also staked 5.07 million ETH through its MAVAN validator network, generating roughly $9.6 billion in staked value.
The timing of this accumulation coincides with what Lee described as favorable market conditions. He attributed recent strength in Ethereum's price ratio against Bitcoin to emerging applications in tokenization and agentic AI, while citing expectations that easing financial conditions could provide tailwinds for crypto assets broadly. Bitmine's exact timeline for reaching its 5% target remains unstated.