Key facts
- Bitmine acquired 27,562 ETH, valued at approximately $74 million.
- The company's ETH holdings now total 5,983,940 ETH, representing 4.9% of the total supply.
- Bitmine is 98% toward its goal of controlling 5% of Ethereum's total supply.
- Chairman Tom Lee believes a crypto bull market began in late June.
- Ethereum has been the best-performing macro asset this quarter.
- Bitmine's total holdings, including cash and other investments, reached $17.1 billion.
Bitmine Immersion Technologies has acquired an additional 27,562 ETH, valued at approximately $74 million, bringing its total holdings to 5,983,940 ETH, or 4.9% of the total Ethereum supply. This purchase extends the company's weekly buying streak since launching its treasury strategy on June 30, 2025.
Chairman Tom Lee stated that a crypto bull market has been underway since late June, driven by a rotation out of AI stocks into crypto, strengthening fundamentals around tokenization, and the completion of a four-year cycle. Lee argued that Ethereum has been the best-performing macro asset this quarter, outpacing the S&P 500 by 6,519 basis points, and anticipates further institutional inflows in the fourth quarter.
Bitmine's total holdings, including cash and other investments, reached $17.1 billion as of Saturday. This includes 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $105 million position in Eightco Holdings. The company remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy.