Bitmine Immersion Technologies has bought another 15,112 ETH, worth about $41 million, extending the NYSE-listed company’s weekly purchasing streak and taking its Ethereum holdings to more than 6 million tokens. Chairman Tom Lee said the company believes a crypto bull market is already underway.
Bitmine closes in on its Ethereum goal
The latest purchase brings Bitmine’s holdings to 6,016,414 ETH, valued at approximately $16.4 billion using a reference price of $2,726 per token. The company says that position represents about 4.9% of Ethereum’s total supply of 122.1 million tokens.
That leaves Bitmine, by its own calculation, 99% of the way toward its stated objective of controlling 5% of the Ethereum network. The company calls the strategy the “Alchemy of 5%” and says it has reached this point within 15 months.
The purchase continues a buying program that began on June 30, 2025. According to Decrypt, Bitmine has acquired Ethereum every week since launching its treasury strategy, without a break.
Lee highlights Ethereum performance
Lee said Bitmine’s buying program has continued through difficult market conditions. He also pointed to the performance of Bitmine’s shares compared with Ethereum during the first nine months of 2026: BMNR declined 3%, while ETH fell 10% over the same period.
He described a crypto bull market as “underway” and said Ethereum had outperformed the S&P 500 by 6,832 basis points during the quarter. Lee cited a hawkish Federal Reserve, higher oil prices and rising global bond yields as macroeconomic headwinds during that period.
Bitmine’s overall holdings, including assets beyond Ethereum, reached $17.4 billion as of Saturday. The total includes 214 Bitcoin, $643 million in cash and marketable securities, a $180 million investment in Beast Industries and a $117 million position in Eightco Holdings. Bitmine describes Eightco as one of the few publicly traded companies offering indirect exposure to OpenAI.
Staking adds an income stream
Bitmine remains the largest Ethereum treasury in the world and the second-largest crypto treasury overall, behind Strategy, which holds about 847,666 Bitcoin.
The company is also staking a substantial share of its Ethereum through its MAVAN platform. It said 5,067,309 ETH—about 84% of its holdings—is staked, with projected annualized revenue of roughly $363 million.
Staking generally involves committing crypto assets to help support a proof-of-stake blockchain in exchange for potential rewards. For Bitmine, the scale of its staked position means its treasury strategy is linked not only to changes in Ethereum’s market value but also to income generated through the network.
Current market picture
Moneyiar market data at 10:39 a.m. on October 7, 2026, showed Ethereum at $2,577.0563150127, down 4.98% over 24 hours and 4.33% over seven days. Other tracked crypto assets were also lower: Shiba Inu was $0.0000054916, down 6.80% in 24 hours and 5.57% over seven days; Uniswap was $8.0235042644, down 9.96% and 9.67%, respectively; and Cronos was $0.0632552992, down 7.31% and 6.68%.
