Bitmine Immersion Technologies acquired 53,501 ETH valued at roughly $131 million in its largest weekly purchase since June, according to a Monday announcement from the NYSE-listed company. The purchase raises Bitmine's Ethereum holdings to 5,901,112 ETH, representing 4.9% of Ethereum's total supply of 120.7 million tokens.
The acquisition extends Bitmine's unbroken accumulation streak that began when the company launched its treasury strategy on June 30, 2025. The company has purchased Ethereum every week over the past 65 weeks, though recent buys have occasionally been smaller than earlier purchases.
With the latest acquisition, Bitmine is now 98% of the way toward its stated goal of controlling 5% of Ethereum's network supply, which the company refers to as the "Alchemy of 5%." Chairman Tom Lee noted that Ethereum, Bitcoin, and Solana were the top three performing assets since June 30, with Ethereum outpacing the S&P 500 by a significant margin in the third quarter.
Including cash, other tokens, and what the company describes as "moonshot" investments, Bitmine's total holdings reached $15.6 billion as of Saturday. These holdings include 211 Bitcoin, $541 million in cash and marketable securities, and positions in Beast Industries and Eightco Holdings.
Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, behind Michael Saylor's MicroStrategy. The company also continues to generate staking income, with approximately 86% of its Ethereum holdings staked through its MAVAN platform, generating projected annualized revenue of roughly $335 million.
