Bitmine reported buying 9,587 ETH in the preceding week, taking its ether holdings to 6,070,092 ETH and bringing the company close to its goal of owning 5% of Ethereum’s circulating supply, according to The Block’s Nov. 9, 2026 report.
The Tom Lee-chaired Ethereum treasury company’s holdings were worth more than $12.9 billion at the prices cited in the report. Bitmine did not disclose an average purchase price for the latest acquisition; its roughly $20.3 million valuation reflects those market prices, not a disclosed purchase cost.
Holdings approach the supply goal
Bitmine’s ether represented approximately 4.97% of circulating supply, which stood at about 122.2 million ETH, according to The Block’s ether price page. The company said it was 99% of the way toward its “Alchemy of 5%” target, having begun its Ethereum treasury strategy in June 2025.
As of Nov. 9, Bitmine said it had staked 5,227,037 ETH, valued at $11.1 billion and representing more than 86% of its ether holdings. Lee put annualized staking rewards at $309 million at that staking level and projected $359 million if all of the company’s ether were staked. Those figures were company projections, not guaranteed returns.
Lee’s tokenization and AI thesis
In the company’s statement, Lee attributed the following remarks to Ethereum founder Vitalik Buterin at Devcon 8 in Mumbai: “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
Lee described the remarks as a “seismic shift” in his view, linking ether’s potential value to what he called a coming tokenization and AI “supercycle.” He argued that ETH was trusted collateral rather than a “cash flow” token such as HYPE or LIT, and said Ethereum was the Layer 1 chosen by the vast majority of financial institutions moving assets onto blockchains. These were Lee’s assessments, rather than independently established conclusions in the report.
Broader treasury position
Bitmine reported total crypto, cash, marketable securities and other investments of $14.3 billion. As of Nov. 8, its other holdings included:
- 216 BTC, valued at $16.1 million;
- A $75 million stake in Eightco Holdings;
- A $180 million stake in Beast Industries;
- $475 million in cash and marketable securities.
The Block described Bitmine as the largest Ethereum treasury holder and the second-largest public crypto treasury company overall. It ranked behind Michael Saylor’s Strategy, which held 850,364 BTC, valued at $63.4 billion, after its latest weekly acquisition.
Original publication: Nov. 9, 2026, at 22:31:38 UTC+8. All market valuations above reflect the original report’s time context.