Tom Lee’s Bitmine Buys Another $19 Million in Ethereum as Stash Nears 5% of Total Supply

In brief

• Bitmine holds 5,815,164 ETH, worth roughly $11 billion, with total crypto, cash, and other holdings of $11.4 billion.
• The company has staked 5,067,309 ETH through its MAVAN validator network, worth about $9.6 billion.
• Bitmine repurchased 1.7 million shares over the past week, bringing total buybacks since July to 20.8 million shares.

Bitmine Immersion Technologies has purchased another 9,926 Ethereum tokens, worth roughly $19 million, bringing its total holdings to 5.82 million ETH. The company's Ethereum treasury is now worth about $11 billion, putting the crypto treasury firm within striking distance of its goal to own 5% of ETH's circulating supply.

In an announcement on Monday, Bitmine said its treasury now includes 5,815,164 ETH and $11.4 billion in total crypto, cash, and other holdings. Its Ethereum position represents 4.8% of ETH's 120.7 million circulating supply.

Chairman Tom Lee said Bitmine is 96% of the way to its self-described "Alchemy of 5%" target, which the company set when it began buying ETH weekly 14 months ago. (Disclosure: Tom Lee is an investor in Dastan, Decrypt’s parent company.)

"This ratio has moved above the long-term downtrend in place over the last few years and is a sign, in our view, that markets are beginning to see materialization of tokenization and agentic-AI applications, which should benefit Ethereum," Lee said in a statement, referring to ETH's rising price ratio against Bitcoin. "We expect easing financial conditions to be a tailwind for crypto."