Bitmine has purchased $41 million more Ethereum, reaching 99% of its 'Alchemy of 5%' target.

Bitmine Bought 15,112 More ETH and Lifted Its Holdings to 6,016,414 Tokens

Bitmine Immersion Technologies bought another 15,112 Ethereum worth about $41 million, extending an unbroken weekly accumulation streak that has run since the NYSE-listed company launched its treasury strategy on June 30, 2025. The purchase raised its Ethereum holdings to 6,016,414 ETH, valued at roughly $16.4 billion at a reference price of $2,726 per coin, and moved the firm 99% of the way to its "Alchemy of 5%" target.

The purchase and the target

Bitmine said Monday that its Ethereum position represents 4.9% of the network's 122.1 million token supply. The company aims to control 5% of Ethereum, a goal it calls the Alchemy of 5%. It reached this stage in 15 months under a strategy of buying ETH every week since June 30, 2025.

The streak has become a central feature of the firm's balance-sheet story. Rather than presenting the purchase as a one-off trade, Bitmine framed it as the latest step in a sustained treasury program, with the company now sitting just short of the symbolic 5% share of supply it has promoted as a milestone.

Lee's bull-market case

Chairman Tom Lee said a crypto bull market is underway, even as macro conditions remain difficult. He pointed to Ethereum's outperformance against the S&P 500 by 6,832 basis points this quarter, despite a hawkish Federal Reserve, surging oil prices and rising global bond yields.

Lee also argued that Bitmine's stock had outperformed ETH through the 2025-2026 bear market. He said BMNR fell 3% over the first nine months of 2026, while ETH dropped 10%. The comparison frames the company's equity as a vehicle that has tracked, and in his account exceeded, the performance of its core digital asset holding during a difficult market stretch.

The source also disclosed that Lee is one of several investors in Dastan, the parent company of Decrypt.

A treasury beyond Ethereum

Counting cash, other tokens and what Bitmine calls moonshot investments, total holdings reached $17.4 billion as of Saturday. The balance sheet includes 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and a $117 million position in Eightco Holdings.

Bitmine describes Eightco Holdings as one of the few public equities offering indirect exposure to OpenAI. The detail shows the treasury has diversified beyond Ethereum, while still using ETH as the dominant asset and the reference point for the company's public narrative.

Staking income and competitive position

Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, behind only Michael Saylor's Strategy, which holds about 847,666 BTC. Strategy recently posted a $21 billion third-quarter gain and resumed Bitcoin buying, while Metaplanet sold and rebought 10,000 BTC to make a point about its treasury mechanics.

Bitmine continues to generate staking income, with 5,067,309 ETH, or about 84% of its holdings, staked through its MAVAN platform. The company projects annualized revenue from that staking program of roughly $363 million.

The next watch point is whether the weekly buying streak and the staking income model can keep Bitmine's treasury narrative intact as the company approaches its 5% supply target. The latest purchase suggests the answer, for now, remains centered on accumulation, disclosure and a public comparison with other large crypto treasuries.