Bitmine Immersion Technologies, the Ethereum treasury company chaired by Tom Lee, disclosed on Monday that it purchased 9,587 ETH over the past week, taking its total holdings to 6,070,092 ETH. At the valuation used in the announcement, the position was worth roughly $12.9 billion to $13.6 billion, while the company said total crypto, cash, marketable securities, and other investments stood at $14.3 billion. The latest weekly acquisition was worth about $20 million to $21.4 million at current prices.
Bitmine now controls approximately 4.97% of Ethereum's circulating supply, which is about 122.2 million ETH. The company is 39,908 ETH short of the 5% threshold that Tom Lee previously described as a firm limit on further accumulation. At last week's buying pace, that leaves roughly four weeks before the program reaches its self-imposed ceiling. The Alchemy of 5% target has been a central part of Bitmine's treasury strategy since June 2025.
Lee tied the latest purchase to Ethereum founder Vitalik Buterin's remarks at Devcon 8 in Mumbai, where Buterin reportedly said, "I've finally made up my mind, ETH is a store of value, ETH is money." Lee called the declaration a "seismic shift" and argued that ETH should be viewed as "pristine and trusted collateral" for the coming tokenization and AI supercycle, rather than as a cash-flow token model like HYPE or LIT.
Bitmine also reported 5,227,037 ETH staked through its Made in America Validator Network, representing more than 86% of its holdings. Annualized staking rewards were estimated at $309 million at current levels, down from $358 million a week earlier, reflecting a lower trailing seven-day staking yield and softer ETH price. The company remains the largest corporate Ethereum holder and the second-largest public crypto treasury overall, behind Strategy, which holds 850,364 BTC. Ether fell about 5.22% on Monday to $2,124.30, below the $2,234 mark used in Bitmine's disclosure.
