Tom Lee's Bitmine adds $30M in ETH, bringing holdings to 6.04M tokens (4.9% of supply) as it nears its stated 5% accumulation target.
Macro & Markets ·
Bitmine Immersion Technologies purchased an additional 12,535 ETH valued at approximately $30 million, bringing its total Ethereum holdings to 6,041,481 tokens, or 4.9% of the network's supply. The acquisition marks the latest in a weekly buying cadence that began in June 2025, and leaves the firm 99% of the way toward its stated "Alchemy of 5%" accumulation target. Chairman Tom Lee characterized the current market downturn as a result of broad risk-off sentiment driven by AI funding concerns, geopolitical tensions, and rising bond yields, framing the dip as an attractive entry point given strong underlying fundamentals.
The purchase extends Bitmine's accumulation strategy despite the firm now sitting underwater on a significant portion of its stash, having accumulated much of it at higher prices last year. Total company holdings reached $15.1 billion as of mid-October, including cash, other tokens, and strategic investments in entities like Beast Industries and Eightco Holdings. The firm maintains the world's largest Ethereum treasury and holds approximately 84% of its ETH supply staked through its MAVAN platform.
The company has not yet disclosed when it will reach the 5% threshold or whether market conditions might alter its accumulation timeline. Bitmine's chair has indicated the buying program will conclude once the target is met, though no specific date has been provided for when that milestone may be reached.