Bitmine Immersion Technologies has continued its weekly purchasing streak by adding another 27,562 Ethereum, valued at approximately $74 million. The NYSE-listed company announced that the acquisition brings its total holdings to 5,983,940 ETH, valued at roughly $16.1 billion based on a reference price of $2,688 per coin.
This latest purchase accounts for 4.9% of Ethereum's total supply of 122.1 million tokens. The firm noted it is now 98% of the way toward its stated goal of controlling 5% of the network, an internal target known as the "Alchemy of 5%." Bitmine has maintained its unbroken buying streak every week since launching its treasury strategy on June 30, 2025.
Chairman Tom Lee stated that a crypto bull market has been active since late June. According to Lee, the market is being driven by a capital rotation out of artificial intelligence stocks, improving fundamentals surrounding tokenization, and the conclusion of the traditional four-year cycle. He highlighted Ethereum as the best-performing macro asset of the quarter, outperforming the S&P 500, and suggested that institutional investors currently underweight in crypto will increase their exposure during the fourth quarter.
Including cash, other tokens, and secondary investments, Bitmine's total treasury assets reached $17.1 billion as of Saturday. This broader portfolio includes 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $105 million position in Eightco Holdings.
Bitmine remains the world's largest corporate Ethereum treasury and ranks as the second-largest corporate crypto treasury overall, trailing only Strategy. Additionally, Bitmine continues to generate revenue through staking, with 5,067,309 ETH—representing about 85% of its holdings—staked through its MAVAN platform, generating a projected annualized revenue of approximately $357 million.
