Bitmine Immersion Technologies added $69 million of ETH to its treasury last week, lifting total holdings to 5.93 million tokens, or 4.9 percent of the total supply. At the current weekly purchase pace, the Tom Lee-led firm could reach its 5 percent supply goal in roughly seven weeks.
Bitmine acquired 28,086 ETH worth $69 million last week, extending its weekly accumulation streak since June 2025.
"Bitmine's track record of consistent buying of crypto is unmatched by any public company in the world," Thomas "Tom" Lee, chairman of Bitmine, said. "Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025."
The purchase brings Bitmine's total ETH holdings to 5,929,198 tokens — 4.9 percent of the 122 million ETH in circulation — valued at $14.8 billion at the Sept. 7 reference price of $2,495 per ETH. The company is 97 percent of the way to its "Alchemy of 5%" goal of owning 5 percent of total ETH supply, a target it could reach in roughly seven weeks at the current pace. Bitmine also holds 5,067,309 staked ETH generating a 7-day annualized yield of 2.61 percent, with projected annualized staking revenues of $330 million.
Tom DeMark, founder of DeMark Analytics and a capital markets advisor to Bitmine, expects ETH's uptrend to resume. "In August, ETH moved sideways without a downside break and the 12-day metric expired, which implies a renewal of the upside move," DeMark said. ETH is the best-performing macro asset in Q3 2026, outperforming the S&P 500 by 5,430 basis points through Sept. 4.
Bitmine's total crypto, cash, marketable securities, and "moonshot" holdings reach $15.7 billion, making it the largest Ethereum treasury and the second-largest global crypto treasury behind Strategy Inc., which holds 840,447 BTC valued at roughly $66 billion. The company's common stock has gained 99 percent quarter-to-date, the fourth-best performance in the Russell 1000, as crypto equities became the largest contributor to the index's gains. Bitmine trades average daily dollar volume of $1.10 billion, ranking 81st among 5,704 US-listed stocks.
Lee cited the CLARITY Act vote scheduled for mid-September, renewed buying by Korean investors rotating away from AI stocks, and the view that the four-year crypto cycle is bottoming within weeks as factors supporting ETH demand into year-end. He also expects the ETH/BTC ratio to rise in the next cycle, driven by Wall Street tokenization and agentic-AI applications on Ethereum, similar to prior cycles fueled by ICOs, NFTs, and stablecoins.
The sustained weekly accumulation by Bitmine represents a structural demand source for ETH. With the company projected to reach its 5 percent supply goal in about seven weeks, its buying pressure is expected to continue shaping ETH's price trajectory through the fourth quarter.
This article is for informational purposes only and does not constitute investment advice.
