Bitmine Immersion Technologies acquired 12,532 ETH over the past week, valued at approximately $31.9 million based on a price of $2,544 per token. The purchase brings the company's total holdings to 6,028,946 ETH.
The latest acquisition represents 4.9% of the total 122.1 million Ethereum token supply, placing the firm 99% of the way toward its stated goal of owning 5%, a benchmark the company refers to as the "Alchemy of 5%." The company previously purchased $41 million worth of ETH the week prior.
According to Bitmine's holdings update, the firm's total crypto, cash, and investment holdings reached $16.2 billion. This figure includes 214 Bitcoin, $612 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $85 million stake in Eightco Holdings. The company has staked 5,067,309 ETH, generating an annualized staking revenue of approximately $336 million.
In a monthly message, Chairman Tom Lee stated that the firm requires approximately 100,000 more ETH to reach its target, after which accumulation will cease. Lee cited factors such as tokenization, generational wealth transfer, supply absorbed by digital asset treasury firms, and AI agents using crypto wallets as drivers for the broader crypto market.
