Tom Lee's Bitmine has purchased another $47,000,000 in ETH, bringing its holdings to 4.9% of the total Ethereum supply.

Bitmine Immersion Technologies held 6,001,302 ETH as of Friday afternoon, worth about $16.2 billion and equal to 4.9% of Ethereum's 122.1 million circulating tokens, according to its press release. The disclosure puts Tom Lee's treasury company within reach of the 5% supply target it has chased since mid-2025. During the past week, the company bought 17,362 ETH, worth just under $47 million at the $2,698 snapshot price used in the release, continuing a weekly Ethereum purchase program that began on June 30, 2025.

Weekly Accumulation Shapes the "Alchemy of 5%" Target

The company calls the goal the "Alchemy of 5%" and says it is 98% of the way there in 15 months. With the latest purchase, its holdings reached six million ETH, making Bitmine the largest Ethereum treasury. It is also the second largest corporate crypto treasury of any kind, behind Bitcoin treasury firm Strategy, which now holds 847,666 BTC worth roughly $71 billion. Bitmine's backers include ARK's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III. The weekly buying streak is central to the story: Bitmine has added Ethereum every week since June 30, 2025, a track record Lee says is "unmatched by any public company in the world."

Total Treasury Reaches $17.2 Billion Beyond ETH

The press release frames Bitmine's balance sheet as more than an Ethereum holding. Once everything else is counted, total holdings reach $17.2 billion. That figure includes 213 BTC, $672 million in cash and marketable securities, and two equity stakes the company files under "moonshots": $180 million in Beast Industries and $115 million in Eightco. Bitmine describes Eightco as one of the only listed vehicles offering indirect exposure to OpenAI. The ETH position accounts for most of the reported total, while the bitcoin holding, cash reserves and equity stakes form the rest of the treasury structure.

Staking Through MAVAN Drives Projected Revenue

Bitmine has staked 5,067,309 ETH, or 84% of its holdings, worth $13.7 billion. More than five million tokens are already staked, generating a 7-day annualized yield of 2.62%. The company said the staking is mostly conducted through MAVAN, the institutional staking platform it built for its own treasury and has since opened to outside investors. At the current yield, Lee puts projected staking revenue at $358 million a year, rising to $424 million if everything is staked. "Bitmine has staked more ETH than other entities in the world," Lee said. The staking layer gives the accumulation strategy a recurring-income dimension, even though the headline number remains the ETH balance.

ETH Price, Performance and Institutional Outlook

Ethereum currently trades around $2,700, well below its highs, but Lee argues it is the best performing macro asset of the quarter. He said ETH has outperformed the S&P 500 by roughly 67 percentage points since the end of June. The market context matters because the treasury company is building its position at a price level that has not recovered to prior peaks. In Lee's reading, the market is turning. He said a crypto bull market began in late June and added that institutions are still underweight crypto, with exposure expected to rise in the final months of 2026. The next milestone is the 5% supply line Bitmine has been chasing for 15 months. The company is 98% of the way there, and its weekly buying program has not paused. The release also pointed readers to Myriad's prompt, "Where does Ethereum go next?", inviting them to make a prediction.