Bitmine Immersion Technologies acquired 12,532 ETH over the past week, bringing its total Ethereum holdings to 6,028,946 ETH, or 4.9% of Ethereum’s total supply, according to an update provided October 12, 2026. Chairman Tom Lee said the firm needs approximately 100,000 more ETH to reach its 5% target before halting purchases.
The latest acquisition valued the 12,532 ETH at approximately $31.9 million, using Bitmine’s reference price of $2,544 per token. Lee described the firm’s accumulation record as unmatched among public companies. “Track record of consistent buying of crypto is unmatched by any public company in the world,” Lee said.
Bitmine’s 6,028,946 ETH holdings represent a near-completion of what the firm calls internally the “Alchemy of 5%.” At 122.1 million total Ethereum tokens in supply, reaching 5% would require ownership of approximately 6,105,000 ETH. Lee indicated the buying phase is nearly finished. “About 100,000 more ETH, and that’s about it,” he said.
Beyond Ethereum accumulation, Bitmine operates a significant staking operation. The firm has staked 5,067,309 ETH, generating approximately $336 million in annualized staking revenue. Total crypto, cash, and investment holdings stand at $16.2 billion, including 214 BTC, $612 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $85 million stake in Eightco Holdings.
Lee attributed a predicted bull market to tokenization, generational wealth transfer to younger investors, supply absorption by digital asset treasury firms, and AI agents using crypto wallets. He signaled confidence in Bitmine’s position once accumulation concludes. “Now we’re done stacking while a bull market is starting. So if we’re done stacking, but ETH goes up a lot, you can imagine that we’ll outperform Ethereum,” Lee said.
Bitmine shares trade with 90% correlation to ETH price movements. In June 2026, the firm issued perpetual preferred stock (BMNP) at $80 per share, carrying a 9.5% rate. BMNP last closed at $99.53.
