Bitmine Buys $41M More Ethereum, Reaching 99% of Its ‘Alchemy of 5%’ Target

Bitmine Immersion Technologies extended its unbroken buying streak this week, scooping up another 15,112 Ethereum, worth about $41 million, as chairman Tom Lee insisted a crypto bull market is “underway.”

The NYSE-listed company said Monday its holdings now total 6,016,414 ETH, valued at roughly $16.4 billion at a reference price of $2,726 per coin. (Disclosure: Tom Lee is one of several investors in Dastan, Decrypt‘s parent company.)

That represents 4.9% of Ethereum’s 122.1 million token supply, leaving Bitmine, by its own reckoning, 99% of the way to its goal of controlling 5% of the network, a target it calls the “Alchemy of 5%,” reached in just 15 months.

The purchase continues a run that hasn’t paused since Bitmine launched its treasury strategy on June 30, 2025, with the firm buying Ethereum every week since. Lee argued the company’s stock had outperformed ETH even through the 2025-2026 bear market, noting BMNR fell 3% over the first nine months of 2026 while ETH dropped 10%.

He also said Ethereum has dwarfed other macro assets this quarter, outpacing the S&P 500 by 6,832 basis points despite headwinds including a hawkish Federal Reserve, surging oil and rising global bond yields.

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Counting cash, other tokens and what it calls “moonshot” investments, Bitmine’s total holdings reached $17.4 billion as of Saturday. That includes 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and a $117 million position in Eightco Holdings, which Bitmine describes as one of the few public equities offering indirect exposure to OpenAI.

Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy, which holds about 847,666 BTC.

Strategy recently posted a $21 billion third-quarter gain and resumed Bitcoin buying, while Metaplanet sold and rebought 10,000 BTC to make a point about its treasury mechanics.

Bitmine continues to generate staking income, with 5,067,309 ETH, about 84% of its holdings, staked through its MAVAN platform for projected annualized revenue of roughly $363 million.