BitMine Adds $31.9M in Ethereum, Holdings Near 5% Supply Target
BitMine Immersion Technologies purchased another 12,532 ETH over the past week, spending approximately $31.9 million as the company moves closer to its ambitious target of holding 5% of Ethereum’s total supply.
The latest purchase brings BitMine’s Ethereum reserves to 6,028,946 ETH, representing around 4.9% of the network’s circulating token supply of 122.1 million ETH. The company has now reached 99% of its accumulation goal, which it calls the “Alchemy of 5%.”
BitMine valued its Ethereum holdings at $2,544 per token, putting the value of its ETH reserves at approximately $15.34 billion. Its total cryptocurrency, cash and investment portfolio reached $16.2 billion, according to its Monday announcement.
Beyond Ethereum, the company holds 214 Bitcoin, $612 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $85 million investment in Eightco Holdings.
BitMine Nears the End of Its Ethereum Buying Plan
The latest purchase follows an acquisition of approximately $41 million in ETH the previous week. Chairman Tom Lee said the company’s steady cryptocurrency buying activity stands out among publicly traded firms.
In a message to shareholders last week, Lee indicated that BitMine needed to acquire roughly 100,000 additional ETH to complete its target. He has previously stated that the company plans to stop accumulating Ethereum once it reaches the 5% threshold.
Lee believes the timing could prove favorable if the cryptocurrency market enters another major rally after BitMine completes its buying program.
“If we're done stacking, but ETH goes up a lot, you can imagine that we'll outperform Ethereum,” Lee said in a video message.
The chairman expects the next crypto bull market to become the largest on record. He pointed to several potential drivers, including the tokenization of traditional assets, wealth moving toward younger generations, continued purchases by digital asset treasury companies, and the growing use of crypto wallets by artificial intelligence agents.
Ethereum Staking Generates $336 Million Annually
BitMine has staked 5,067,309 ETH, according to the announcement. Lee estimated that the position generates approximately $336 million in annualized staking revenue, providing the company with an additional income stream from its Ethereum reserves.
Staking involves committing ETH to support the Ethereum network’s proof-of-stake system in exchange for rewards, although actual returns can vary over time.
Lee also highlighted BitMine's exposure to Ethereum through its publicly traded shares. He said the stock had a roughly 90% correlation with ETH and projected that an Ethereum price of $22,000 could translate into a BitMine share price between $300 and $500.
That projection represents Lee's outlook rather than a guaranteed valuation. The stock's performance will also depend on factors such as market sentiment, the company's capital structure and the premium or discount investors assign to its assets.
The chairman additionally pointed to BMNP, BitMine's perpetual preferred stock carrying a 9.5% rate. Issued at $80 in June, BMNP most recently closed at $99.53, according to the company.
With its Ethereum holdings now above six million tokens, BitMine is approaching a key milestone in its treasury strategy. Whether the company stops buying at the 5% threshold, as Lee has indicated, could become an important factor in its future exposure to Ethereum's price movements.