Tom Lee’s BitMine Buys 15,112 ETH Worth About $41 Million

BitMine Immersion Technologies has acquired another 15,112 ETH worth roughly $41 million, extending its uninterrupted weekly Ethereum buying campaign as Chairman Tom Lee’s company closes in on its target of owning 5% of the cryptocurrency’s supply.BitMine disclosed on October 5 that it bought the tokens during the week through October 4, taking its total holdings to 6,016,414 ETH. At the company’s reference price of $2,726 per ETH, the position was valued at approximately $16.4 billion.The latest purchase was smaller than the 17,362 ETH BitMine added during the preceding week and represents its second consecutive weekly slowdown in acquisitions. It nevertheless extends a buying streak that has continued every week since the company launched its Ethereum treasury strategy on June 30, 2025.BitMine now says it controls approximately 4.9% of Ethereum’s 122.1 million-token supply, leaving it 99% of the way toward its self-described “Alchemy of 5%” target.

BitMine Closes In on 5% Ethereum Target

At Ethereum’s current supply level, BitMine needs roughly another 89,000 ETH to reach a 5% position.The scale of the accumulation has transformed BitMine into the largest publicly disclosed corporate Ethereum treasury. The company describes itself as the world’s largest ETH treasury and the second-largest corporate cryptocurrency treasury overall, behind Strategy’s Bitcoin holdings.Its balance sheet extends beyond Ethereum.As of October 4, BitMine reported 214 BTC, $643 million in cash and marketable securities, a $180 million investment in Beast Industries and a $117 million position in Eightco Holdings. Including those assets and its Ethereum holdings, the company valued its combined crypto, cash, securities and “moonshot” investments at $17.4 billion.The $41 million figure attached to the latest ETH acquisition is approximate. BitMine disclosed the number of tokens acquired but valued its overall holdings using a $2,726 Coinbase reference price; it did not disclose a single execution price for all 15,112 ETH purchased during the week.

Staking Becomes a Second Part of the Strategy

BitMine is also putting most of its enormous ETH position to work through staking rather than leaving the entire treasury idle.The company reported 5,067,309 ETH staked as of October 4, equivalent to about 84% of its total Ethereum holdings and worth approximately $13.8 billion at its reference price.BitMine said the position is currently projected to generate approximately $363 million in annualized staking revenue, based on a seven-day annualized yield of 2.63%. If its entire ETH treasury were ultimately staked through its MAVAN platform and staking partners, the company estimates annualized rewards could reach about $431 million at the same yield.Those projections remain sensitive to Ethereum staking yields and ETH prices and therefore should not be treated as guaranteed revenue. Lee has continued to argue that Ethereum is entering a favorable market environment. In the October 5 update, he said ETH had outperformed the S&P 500 by 6,832 basis points during the third quarter, despite tighter financial conditions, higher oil prices and rising global bond yields.BitMine’s accumulation strategy is now approaching a milestone few corporate crypto treasuries have attempted.The latest 15,112 ETH acquisition is relatively small compared with some of its earlier purchases, but it pushes BitMine above 6.016 million ETH and leaves the company only about 1% short of completing its stated “Alchemy of 5%” target.If BitMine maintains its weekly buying strategy, the more consequential question is no longer whether it can build a multi-million-ETH treasury, but when it will cross the threshold of holding one-twentieth of Ethereum’s entire supply.