Bitmine Adds $30 Million in Ethereum as It Nears Its 5% Target

Preface

Bitmine Immersion Technologies has continued its weekly Ethereum purchases, adding another 12,535 ETH worth about $30 million as it approaches a major accumulation milestone. The company now reports holdings of 6,041,481 ETH, valued at roughly $14.3 billion, and says this represents 99% of the way toward its goal of owning 5% of Ethereum’s supply. The latest purchase came during a broad cryptocurrency selloff, with ETH trading below its earlier highs and Bitmine’s portfolio underwater on paper. Chairman Tom Lee attributed the market weakness to a wider retreat from risk, citing concerns about artificial-intelligence funding and safety, U.S.-Iran tensions, midterm-election uncertainty, and rising bond yields. This article examines Bitmine’s latest purchase, its treasury strategy, the reasons given for market weakness, and the composition of its wider holdings.

Lazy bag

Bitmine bought 12,535 ETH worth about $30 million, bringing its Ethereum holdings to 6,041,481 ETH, or 4.9% of the 122.1 million-token supply. The company says it is 99% of the way to its “Alchemy of 5%” target, which it has pursued since June 30, 2025. Its total holdings reached $15.1 billion as of Oct. 18. Chairman Tom Lee linked the crypto downturn to reduced risk appetite and described the dip as an attractive risk-reward opportunity while fundamentals remain strong. Bitmine remains the largest Ethereum treasury, with a portfolio that also includes staked ETH, Bitcoin, cash, and other investments.

Main Body

Bitmine Immersion Technologies has extended its uninterrupted weekly Ethereum buying streak, purchasing 12,535 ETH valued at about $30 million. The acquisition came as a market-wide selloff weighed on cryptocurrency prices and the company moved close to completing its stated accumulation goal. The NYSE-listed firm said Monday that it held 6,041,481 ETH, valued at roughly $14.3 billion using a reference price of $2,365 per coin.

According to Bitmine, its Ethereum position equals 4.9% of the network’s 122.1 million token supply. The company describes its objective of owning 5% of the supply as the “Alchemy of 5%” and says it has reached 99% of the way to that target. It says this progress was achieved in just 15 months. The figures highlight both the scale of Bitmine’s accumulation and the limited distance it says remains before reaching its stated threshold.

The buying program began when Bitmine launched its treasury strategy on June 30, 2025. Since then, the company has purchased Ethereum each week, according to the source. Chairman Tom Lee has said Bitmine is nearing the end of its accumulation and will stop buying once it reaches the 5% target. The company’s latest purchase therefore continues a strategy that it has framed as goal-driven rather than open-ended.

At the same time, the latest purchase has taken place while Bitmine’s Ethereum holdings are underwater on paper. The source attributes this to the company having accumulated much of its position last year at higher prices, while ETH is now trading well below its highs. This reflects the difference between a treasury’s current market valuation and the prices at which assets were acquired. It does not, by itself, indicate that the company has sold its holdings or changed its stated accumulation plan.

Lee explained the recent weakness in crypto markets as part of a broader contraction in risk appetite. He cited concerns about the funding of artificial-intelligence companies and the safety of AI models, alongside escalating tensions between the United States and Iran. He also pointed to anxiety surrounding midterm elections and rising global bond yields. Together, these factors, in his view, contributed to a climate in which investors were less willing to hold risk-sensitive assets.

Lee also argued that losses in AI and semiconductor stocks spilled over into digital assets. He specifically referred to markets such as Korea and Taiwan, where cryptocurrency is widely held. His explanation connects the performance of technology-related equities with the behavior of crypto investors: when investors reduce exposure to one group of risk assets, selling pressure may extend to another. This is Lee’s interpretation of the market environment, rather than a claim that any one factor alone caused the decline.

Despite the downturn, Lee characterized the dip as a historically attractive risk-reward entry point when fundamentals remain strong. That view reflects his assessment of the relationship between price weakness and longer-term prospects. It is not a guarantee of future returns, and the source does not provide a specific forecast for Ethereum’s price. The distinction matters: Bitmine’s continued purchases communicate the company’s strategy and conviction, but market prices can still move independently of its buying activity.

Bitmine’s broader balance sheet extends beyond Ethereum. As of Oct. 18, the company reported total holdings of $15.1 billion, counting cash, other tokens, and investments that it calls “moonshot” positions. The total included 215 Bitcoin and $582 million in cash and marketable securities. It also included a $180 million stake in Beast Industries and a $74 million position in Eightco Holdings. Bitmine describes Eightco as a rare public proxy for indirect exposure to OpenAI. These assets form part of the company’s reported holdings alongside its much larger Ethereum position.

The source identifies Bitmine as the world’s largest Ethereum treasury and the second-largest crypto treasury overall. It trails Strategy, the company associated with Michael Saylor, which holds about 848,250 BTC. Strategy was also reported to have recently added another $22 million in Bitcoin while buying back preferred stock. The comparison places Bitmine’s Ethereum-focused approach within a wider landscape of public companies holding digital assets in their treasuries, while distinguishing the asset mix and scale of the firms’ respective positions.

A substantial portion of Bitmine’s ETH is staked through its MAVAN platform. The company has 5,067,309 ETH, or about 84% of its holdings, staked. The source gives projected annualized revenue of roughly $309 million from this activity. Staking involves committing tokens to support a blockchain’s operations under the relevant protocol arrangements; in return, it may generate rewards. The reported revenue is a projection, not a guaranteed result, and the source does not specify that it is already realized income.

Taken together, the reported figures show a treasury strategy built around a defined Ethereum ownership target, ongoing weekly purchases, and staking a large share of the accumulated tokens. The company is close to its stated 5% threshold while also holding cash, Bitcoin, and several other investments. Its position is nevertheless exposed to market-price changes, as illustrated by the paper losses associated with ETH trading below the prices at which much of the holdings were acquired. The latest purchase underscores Bitmine’s continued commitment to its plan, while Lee’s comments provide the company’s explanation for the market conditions surrounding it.

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