Bitmine Increases Ethereum Holdings to Nearly 6 Million, Signals Ongoing Bull Market

Bitmine Immersion Technologies announced the purchase of an additional 27,562 Ether, valued at roughly $74 million at a reference price of $2,688 per token. The acquisition raises the firm’s Ethereum balance to 5,983,940 ETH, equivalent to about $16.1 billion and representing 4.9% of the total Ether supply.

Progress Toward the “Alchemy of 5%” Goal

The new holding puts Bitmine 98% of the way to its stated target of controlling 5% of the Ethereum network, a milestone the company refers to as the “Alchemy of 5%.” Bitmine has been buying Ether weekly since launching its treasury strategy on June 30, 2025, and this purchase continues an uninterrupted buying streak.

Market Outlook from Chairman Tom Lee

Chairman Tom Lee described the period since late June as the start of a fresh crypto bull market, citing a rotation from AI‑related equities back into digital assets, strengthening tokenization fundamentals, and the conclusion of a four‑year market cycle. Lee highlighted Ethereum’s performance this quarter, noting it outperformed the S&P 500 by 6,519 basis points, and suggested that institutional investors, currently underweight, may increase exposure in the fourth quarter.

Bitmine’s Overall Treasury Composition

Including cash, other tokens, and “moonshot” investments, Bitmine’s total assets are valued at $17.1 billion. The portfolio comprises:

• 5,983,940 ETH (≈$16.1 billion)
• 212 BTC
• $714 million in cash and marketable securities
• $180 million stake in Beast Industries
• $105 million position in Eightco Holdings

Bitmine remains the world’s largest Ethereum treasury and the second‑largest crypto treasury overall, behind Michael Saylor’s Strategy fund.

Staking Activity

Approximately 85% of Bitmine’s Ether (5,067,309 ETH) is staked through its MAVAN platform, generating projected annualized revenue of about $357 million.

Industry Context

Strategy recently increased its Bitcoin holdings with a $76 million purchase, reflecting a broader resurgence of treasury buying as crypto prices rise. Bitcoin briefly topped $85,000, accompanied by significant short liquidations.