Bitmine Immersion Technologies bought 12,532 Ethereum over the past week, taking its total holdings to 6,028,946 ETH and bringing the company close to its stated goal of controlling 5% of Ethereum’s total supply.
The purchase was worth about $31.9 million using the $2,544 per ETH valuation cited by the company. Bitmine said its holdings now represent 4.9% of the approximately 122.1 million ETH in circulation, leaving it about 100,000 ETH short of its target.
According to Decrypt, Chairman Tom Lee described the goal as the “Alchemy of 5%” and said the company would be “done stacking” once it reached that level. Bitmine bought a further $41 million of ETH during the previous week, according to the report.
Bitmine’s growing crypto treasury
Bitmine reported total crypto, cash and investment holdings of $16.2 billion. In addition to its Ethereum position, the company held 214 Bitcoin and $612 million in cash and marketable securities.
Its other investments included an $180 million stake in Beast Industries and an $85 million stake in Eightco Holdings. The figures were included in the company’s October 12 holdings update.
Bitmine has also placed 5,067,309 ETH into staking. Staking involves committing cryptocurrency to help support a blockchain network, with participants receiving rewards. Lee said the company’s staked Ethereum generates annualized revenue of about $336 million.
The scale of Bitmine’s position means its financial performance is closely linked to Ethereum’s price. Lee said Bitmine shares had been about 90% correlated with ETH and argued that the company could outperform Ethereum if the cryptocurrency rises after Bitmine stops adding to its holdings.
Lee outlines his crypto outlook
Lee said he expects what he called the largest cryptocurrency bull market on record. He attributed that view to several developments: the tokenization of assets, a transfer of wealth to younger investors, cryptocurrency held by digital-asset treasury companies and the use of crypto wallets by artificial-intelligence agents.
He also discussed Bitmine’s perpetual preferred stock, BMNP. The security carries a 9.5% rate, was issued at $80 in June and last closed at $99.53, according to the company release cited in the report.
Lee projected that an Ethereum price of $22,000 would correspond to a Bitmine share price of between $300 and $500. That is a company executive’s projection, not a reported market outcome.
Current market picture
Moneyiar market data at 09:59 on October 13, 2026, showed Ethereum at $2,510.3640363686, down 1.82% over 24 hours and 7.35% over seven days.
Other tracked crypto assets were also lower: Shiba Inu was $0.0000051777, down 5% in 24 hours and 11.56% over seven days; Uniswap stood at $7.4133213753, down 2.52% and 16.36%, respectively; and NEAR Protocol was $5.0839018874, down 12.57% over 24 hours and 3.22% over seven days.
