Bitmine Immersion Technologies purchased 27,562 ETH for approximately $74 million this week, bringing its total Ethereum holdings to 5,983,940 ETH, or 4.9% of the 122.1 million ETH in total supply.
The NYSE-listed company is now within striking distance of its stated “Alchemy of 5%” goal. Bitmine has maintained a continuous weekly buying streak since launching its treasury strategy on June 30, 2025, and holds the world’s largest Ethereum treasury, second only to Strategy’s crypto portfolio overall.
At a valuation of $2,688 per coin, Bitmine’s ETH holdings are worth approximately $16.1 billion. The company’s total holdings, including 212 Bitcoin, $714 million in cash and marketable securities, an $180 million stake in Beast Industries, and a $105 million position in Eightco Holdings, amount to $17.1 billion.
Tom Lee, Chairman of Bitmine, attributed recent market strength to multiple factors. “A crypto bull market has been underway since late June,” Lee said, citing rotation out of AI stocks, strengthening tokenization fundamentals, and the end of the four-year cycle. He called Ethereum the “best-performing macro asset of the quarter,” noting it outpaced the S&P 500 by 6,519 basis points.
Approximately 85% of Bitmine’s ETH holdings, or 5,067,309 ETH, are staked through the company’s MAVAN platform, generating a projected $357 million in annualized staking revenue. The buying activity aligns with a broader resurgence in crypto treasury accumulation. Strategy, the second-largest crypto treasury holder, recently purchased $76 million in Bitcoin as shorts liquidated during Bitcoin’s climb above $85,000.
