Key facts
- Bitmine Immersion Technologies acquired 12,532 ETH in the past week.
- The company's ETH holdings now total 6,028,946, representing 4.9% of Ethereum's supply.
- Chairman Tom Lee indicated the firm needs approximately 100,000 more ETH to reach its 5% target.
- Bitmine's total crypto, cash, and investment holdings are valued at $16.2 billion.
- The company holds 214 Bitcoin.
- Bitmine has staked 5,067,309 ETH, generating about $336 million in annualized revenue.
Bitmine Immersion Technologies announced on Monday that it acquired an additional 12,532 ETH over the past week, valued at approximately $31.9 million based on its internal valuation of $2,544 per ETH. This purchase increases the company's total Ethereum holdings to 6,028,946 ETH, which represents 4.9% of the total circulating supply of 122.1 million ETH.
Chairman Tom Lee stated that the company is nearing its strategic goal of accumulating 5% of Ethereum's supply, a target referred to as the 'Alchemy of 5%.' He indicated that Bitmine will cease further ETH accumulation once this target is met, needing approximately 100,000 more ETH. Lee also mentioned that Bitmine had purchased $41 million worth of ETH the previous week.
Overall, Bitmine's total crypto, cash, and investment holdings were valued at $16.2 billion as of October 12, 2026. This portfolio includes 214 Bitcoin, $612 million in cash and marketable securities, and stakes in Beast Industries ($180 million) and Eightco Holdings ($85 million).
The company has staked 5,067,309 ETH, generating an estimated $336 million in annualized staking revenue. Lee predicted that the current period marks the beginning of the 'biggest bull market we've ever seen,' driven by factors such as tokenization, a generational wealth transfer, and the absorption of supply by digital asset treasury firms.