Bitmine Immersion Technologies has purchased another 9,926 Ethereum tokens, worth roughly $19 million, bringing its total holdings to 5.82 million ETH. The company's Ethereum treasury is now worth about $11 billion, putting the crypto treasury firm within striking distance of its goal to own 5% of ETH's circulating supply.
Myriad: Ethereum next price move? Click to make your prediction.Chairman Tom Lee said Bitmine is 96% of the way to its self-described "Alchemy of 5%" target, which the company set when it began buying ETH weekly 14 months ago. (Disclosure: Tom Lee is an investor in Dastan, Decrypt’s parent company.)
"This ratio has moved above the long-term downtrend in place over the last few years and is a sign, in our view, that markets are beginning to see materialization of tokenization and agentic-AI applications, which should benefit Ethereum," Lee said in a statement, referring to ETH's rising price ratio against Bitcoin. "We expect easing financial conditions to be a tailwind for crypto."
Beyond Ethereum, Bitmine holds 210 Bitcoin, worth around $13.4 million, $78 million in cash and securities, and stakes in Beast Industries and Eightco Holdings worth $180 million and $73 million, respectively. The company has also staked 5,067,309 ETH through its MAVAN validator network.
