Bitmine Immersion Technologies picked up the pace of its Ethereum buying last week, acquiring 53,501 ETH worth roughly $131 million as chairman Tom Lee touts crypto's strong third quarter.
The NYSE-listed company said Monday its Ethereum stash now stands at 5,901,112 ETH, valued at about $14.8 billion using a reference price of $2,511 per coin. That represents 4.9% of Ethereum's total supply of 120.7 million tokens, leaving Bitmine, in its words, 98% of the way toward its goal of controlling 5% of the network, a target it calls the "Alchemy of 5%."
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The purchase extends an unbroken run of accumulation. Bitmine has bought Ethereum every week since launching its treasury strategy on June 30, 2025, a streak that now spans 65 weeks even as some recent buys had slowed to smaller sums.
Lee said the top three performing assets since June 30 were Ethereum, Bitcoin and Solana, with Ethereum outpacing the S&P 500 by 5,430 basis points so far this quarter, and he argued that outperformance sets the stage for institutions to add crypto exposure. (Disclosure: Tom Lee is one of several investors in Decrypt’s parent company Dastan.)
Counting cash, other tokens and what it calls "moonshot" investments, Bitmine's total holdings reached $15.6 billion as of Saturday. That includes 211 Bitcoin, $541 million in cash and marketable securities, a $180 million stake in Beast Industries and an $81 million position in Eightco Holdings.
Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy.
Ethereum ETF Net Flows. Image: Decrypt
The Bitcoin giant broke its own two-month buying pause this week, snapping up about $370 million in Bitcoin in its first purchase since June. The move followed a rally that flipped Strategy's 840,447 BTC to a roughly $2.8 billion paper profit, after the position had spent much of the summer underwater. Saylor's firm holds around $66 billion in Bitcoin, dwarfing Bitmine's crypto stack.
Bitmine also continues to generate staking income, with 5,067,309 ETH, about 86% of its holdings, staked through its MAVAN platform for projected annualized revenue of roughly $335 million.
Lee pointed to the mid-September Clarity Act vote as one of several potential catalysts heading into year-end.
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