Bitmine Immersion Technologies continued its weekly Ethereum purchasing streak, acquiring 12,535 ETH valued at approximately $30 million. The NYSE-listed company now holds 6,041,481 ETH, worth roughly $14.3 billion at a reference price of $2,365 per token.
The holdings represent 4.9% of Ethereum's 122.1 million token supply, positioning Bitmine 99% of the way toward its "Alchemy of 5%" target. The company has maintained weekly purchases since launching its treasury strategy on June 30, 2025, reaching this milestone in 15 months.
Chairman Tom Lee attributed recent cryptocurrency weakness to a broad contraction in risk appetite, citing concerns over artificial intelligence funding and model safety, escalating geopolitical tensions, midterm election uncertainties, and rising global bond yields. He characterized the market decline as presenting a historically attractive risk-reward opportunity for entry.
Including Bitcoin, cash, securities, and other investments, Bitmine's total holdings reached $15.1 billion as of October 18. The firm maintains approximately 84% of its Ethereum holdings—5,067,309 ETH—staked through its MAVAN platform, with projected annualized revenue of roughly $309 million.
Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, behind Michael Saylor's Strategy, which holds approximately 848,250 Bitcoin.
