Bitmine Adds $30M in Ethereum as 5% Target Nears

Bitmine Immersion Technologies has continued its relentless EthereumETH+1.08% buying streak despite a recent downturn across the crypto market. The NYSE-listed firm acquired another 12,535 ETH worth roughly $30 million, bringing its grand total close to a major company milestone.

The Alchemy of 5% Target Is Almost Complete

Following its latest purchase, Bitmine now holds a massive 6,041,481 ETH. At a reference price of $2,365 per coin, these holdings are valued at approximately $14.3 billion.

This total represents roughly 4.9% of Ethereum's total circulating supply of 122.1 million tokens. Bitmine is now 99% of the way to achieving its core objective, which it calls the Alchemy of 5% strategy.

Bitmine began its weekly buying program on June 30, 2025, and has purchased Ethereum every single week since. Chairman Tom Lee noted that the company plans to stop accumulating once it officially reaches the 5% threshold, a mark reached in just 15 months.

Navigating Paper Loss and Market Swings

Despite building a multi-billion-dollar treasury, Bitmine is currently underwater on paper for a portion of its reserves. This is because the firm accumulated a large share of its ETH last year when prices were considerably higher.

Investors should keep in mind that past performance of digital assets is not an indication of future results. Crypto asset prices can move rapidly in response to market shifts. Real-time token updates and price data can be tracked on pages like bitkub.com/th/market/ETH.

Why Did Crypto Prices Drop? Tom Lee Weighs In

Chairman Tom Lee attributed the recent weakness in cryptocurrency markets to a broader reduction in global risk appetite. He highlighted several macroeconomic headwinds contributing to investor caution:

• Anxiety surrounding AI sector funding and AI model safety concerns
• Escalating geopolitical tensions between the U.S. and Iran
• Market uncertainty ahead of upcoming U.S. midterm elections
• Rising global bond yields that draw capital toward traditional fixed income

Lee explained that tech and semiconductor selloffs in major Asian markets, such as South Korea and Taiwan where retail crypto adoption is high, created a spillover effect into digital assets.

While Lee views current price levels as a historically attractive entry point based on strong network fundamentals, future price trajectories remain subject to market conditions. If global bond yields remain high or political tensions worsen, crypto prices could experience further downside risk before recovery occurs.

Inside Bitmine's $15.1 Billion Asset Portfolio

Ethereum forms the bulk of Bitmine's balance sheet, but the company holds a diversified array of other financial assets. As of October 18, Bitmine's total holdings stood at $15.1 billion, consisting of:

• 6,041,481 ETH (worth ~$14.3 billion)
• 215 Bitcoin (BTCBTC+1.36%)
• $582 million in cash and marketable securities
• A $180 million stake in Beast Industries
• A $74 million position in Eightco Holdings, which serves as a public proxy for indirect OpenAI exposure

Earning Yield Through Staking and Treasury Stacking

Bitmine actively utilizes its Ethereum to generate recurring revenue. The firm has staked 5,067,309 ETH—representing roughly 84% of its overall stack—through its proprietary MAVAN platform.

Through staking, Bitmine locks up its tokens to help validate transactions and secure the Ethereum blockchain network. The company projects that this activity will generate approximately $309 million in annualized yield.

Bitmine currently stands as the world's largest corporate Ethereum treasury and ranks second overall among all corporate crypto holders. It trails only Strategy, led by Michael Saylor, which holds approximately 848,250 BTC. Strategy recently added $22 million in Bitcoin while executing a preferred stock buyback.