Bitmine Immersion Technologies added 9,587 ETH worth roughly $20 million, extending the weekly Ethereum buying streak it began with the launch of its treasury strategy on June 30, 2025.
According to Decrypt’s report published November 10, 2026, at 01:08:21 UTC+8, the NYSE-listed company said Monday that its Ethereum holdings had reached 6,070,092 ETH. At its reference price of $2,234 per coin, those holdings were worth roughly $13.6 billion.
Closing in on its 5% target
Bitmine said its holdings represented 4.97% of Ethereum’s 122.2 million token supply. By the company’s calculation, it was 99% of the way toward its goal of owning 5% of the network—a target it calls the “Alchemy of 5%”—after just 15 months.
Chairman Tom Lee linked the accumulation strategy to remarks by Ethereum co-founder Vitalik Buterin at the Devcon conference in Mumbai: “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
Lee described that declaration as “a seismic shift” and argued that ETH would serve as “pristine and trusted collateral,” rather than a cash-flow token, in what he called a coming “supercycle of tokenization and AI.” He characterized Ethereum as the layer-1 network favored by financial institutions moving assets onchain. Those statements represent Lee’s investment thesis, not established forecasts.
Buterin elaborated in an X post that his view of ETH primarily as a store of value reflected, in part, his assessment that fee-burning was weaker than it had once appeared and that optimizing for it could conflict with decentralization. Lee argued that this reasoning aligned with Ethereum’s roadmap and its role in tokenization.
Decrypt disclosed that Lee is an investor in Dastan, its parent company.
Staking and broader holdings
As of November 8, Bitmine reported total holdings of $14.3 billion across crypto, cash and other investments. Alongside its ETH, these included:
- 216 Bitcoin;
- $475 million in cash and marketable securities;
- a $180 million stake in Beast Industries;
- a $75 million position in Eightco Holdings, which Bitmine described as a rare publicly traded proxy for indirect OpenAI exposure.
The company had 5,227,037 ETH—roughly 86% of its Ethereum holdings—staked through its MAVAN platform. It projected annualized staking revenue of about $359 million; that figure was a projection, not realized annual revenue.
The report described Bitmine as the world’s largest Ethereum treasury and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy. Bitmine’s release put Strategy’s holdings at approximately 849,327 BTC.
Bitmine had also recently argued that the muted market reaction to what it described as the record Binance hack demonstrated growing crypto-market resilience. That interpretation was the company’s assessment.