Bitmine buys 17,362 ETH, reaching 4.9% of Ethereum supply
Tom Lee's Bitmine Immersion Technologies added about $47 million of Ethereum last week, taking its treasury to 6,001,302 ETH and closing in on its 5% supply target.
Key points
- Bitmine bought 17,362 ETH last week, worth just under $47 million at the $2,698 price used in its press release.
- It held 6,001,302 ETH as of Friday afternoon, worth about $16.2 billion, or 4.9% of the 122.1 million tokens in circulation.
- Total holdings reach $17.2 billion including 213 BTC, $672 million in cash and marketable securities, and stakes in Beast Industries and Eightco.
- Bitmine has staked 5,067,309 ETH, 84% of its holdings, at a 7-day annualized yield of 2.62%, which Lee projects at $358 million a year.
- The company has bought Ethereum every week since the strategy began on 30 June 2025, and calls its target the Alchemy of 5%.
Bitmine Immersion Technologies has bought another 17,362 ETH, taking its Ethereum treasury to 6,001,302 tokens, Decrypt reports. The purchase was worth just under $47 million at the $2,698 snapshot price used in the company's press release. The holding was worth about $16.2 billion as of Friday afternoon and equals 4.9% of the 122.1 million tokens in circulation.
The company, chaired by fund manager Tom Lee, calls its target the Alchemy of 5% and says it is 98% of the way there in 15 months. It has added Ethereum every week since the strategy began on 30 June 2025, a track record Lee describes as unmatched by any public company. Bitmine is now the largest Ethereum treasury and the second largest corporate crypto treasury of any kind.
Once everything else is counted, total holdings reach $17.2 billion. That includes 213 BTC, $672 million in cash and marketable securities, and two equity stakes the company files under moonshots: $180 million in Beast Industries and $115 million in Eightco, which Bitmine describes as one of the only listed vehicles offering indirect exposure to OpenAI.
Bitmine closes on 5%
Most of the Ethereum is put to work. Bitmine has staked 5,067,309 ETH, or 84% of its holdings, worth $13.7 billion, mainly through MAVAN, the institutional staking platform it built for its own treasury and has since opened to outside investors. At a 7-day annualized yield of 2.62%, Lee puts current projected staking revenue at $358 million a year, rising to $424 million if everything is staked.
Lee said Bitmine has staked more ETH than other entities in the world. The company's backers include ARK's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III. Strategy, the Bitcoin treasury firm, remains the larger corporate crypto holder with 847,666 BTC worth roughly $71 billion.
ETH currently trades around $2,700, well below its highs. Lee argues it is the best performing macro asset of the quarter and says it has outperformed the S&P 500 by roughly 67 percentage points since the end of June. He reads the market as turning, saying a crypto bull market began in late June.
Staking drives revenue
In Lee's view, institutions are still underweight crypto and he expects them to add to their exposure in the final months of 2026. The weekly buying and the staking revenue figures are the core of Bitmine's pitch as it approaches the 5% mark it has chased since mid-2025.