Bitmine Immersion Technologies (NYSE: BITM) added another 15,112 Ethereum tokens to its treasury this week, worth approximately $41 million, continuing an unbroken buying streak that began on June 30, 2025.
The purchase brings Bitmine’s total Ethereum holdings to 6,016,414 ETH, valued at roughly $16.4 billion at a reference price of $2,726 per coin.
That figure represents 4.9% of Ethereum’s total circulating supply of 122.1 million tokens, placing Bitmine 99% of the way to its stated goal of controlling 5% of the network.
Chairman Tom Lee has described that objective internally as the “Alchemy of 5%,” a target the company has been steadily closing in on since launching its treasury strategy last year.
Lee said this week that a crypto bull market is “underway,” pointing to Ethereum’s outperformance of the S&P 500 by 6,832 basis points this quarter as evidence of the asset’s growing macro relevance.
He added that Ethereum is “dwarfing” other macro assets, a claim backed by the company’s own performance metrics as it continues to expand its holdings week after week.
When including cash, other digital tokens, and what Bitmine calls “moonshot” investments, the company’s total holdings reached $17.4 billion as of Saturday.
Those broader holdings include 214 Bitcoin, $643 million in cash and marketable securities, and a $180 million stake in Beast Industries.
Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, sitting behind only Michael Saylor’s Strategy, which holds approximately 847,666 BTC.
The company continues to generate income through its MAVAN staking platform, having staked 5,067,309 ETH, representing around 84% of its total holdings, for projected annualized revenue of approximately $363 million.
With just one percent of its headline target remaining and weekly purchases showing no sign of stopping, Bitmine appears on track to cross the 5% threshold in the near term, barring any significant shifts in Ethereum’s total token supply.
