Bitmine Immersion Technologies said Monday that Bitmine bought 12,532 ETH over the past week. The purchase was worth about $31.9 million at the $2,544 per-token price the company used to value its holdings. The purchase lifted Bitmine's holdings to 6,028,946 ETH. The holdings represent 4.9% of Ethereum's total supply of 122.1 million tokens. Bitmine is 99% of the way to its goal of owning 5% of the supply, a target the company calls the "Alchemy of 5%." Bitmine bought $41 million more ETH the week before. Chairman Tom Lee claimed in a press release that Bitmine's record of consistent crypto buying is unmatched by any public company worldwide. Bitmine put its total crypto, cash and investment holdings at $16.2 billion. Those holdings include 214 BTC. Bitmine also holds $612 million in cash and marketable securities. Bitmine holds a stake worth $180 million in Beast Industries. Bitmine holds a stake worth $85 million in Eightco Holdings. Bitmine has staked 5,067,309 ETH, which Lee said generates about $336 million in annualized staking revenue. Lee said in his monthly chairman's message last week that Bitmine needs about 100,000 more ETH. Lee has said Bitmine's Ethereum buying will stop once Bitmine reaches its target. Lee said in the video that Bitmine was nearly finished accumulating Ethereum while a bull market was starting. Lee suggested that Bitmine would outperform Ethereum if ETH rose substantially after Bitmine finished buying. Lee predicted that the crypto bull market would be the largest ever. Lee cited tokenization, wealth transferring to younger investors, digital asset treasury firms absorbing supply and AI agents using crypto wallets as drivers. Lee said Bitmine shares, then around $26, were 90% correlated with ETH. Lee projected that an ETH price of $22,000 would put Bitmine shares at $300 to $500. Lee also highlighted Bitmine's 9.5% perpetual preferred stock, BMNP. The release said BMNP was issued at $80 in June. The release said BMNP last closed at $99.53.
Bitmine Adds $32M in Ethereum, Near 5% Supply Target
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Summary
Bitmine Immersion Technologies added 12,532 ETH ($31.9 million) to its holdings, bringing its total to 6,028,946 ETH, or 4.9% of Ethereum’s supply. The firm is close to its accumulation target. Chairman Tom Lee said the position could outperform Ethereum price today if ETH rises sharply after the target is met. This update is part of the latest Ethereum news from the market.
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