Bitmine currently holds 6,041,481 ETH, valued at $14.3 billion, representing 4.9% of the total ETH supply (122.1 million coins). Fifteen months ago, Bitmine announced its plan to increase its holdings to 5% of all circulating ETH; however, in recent weeks, it has purchased very little of the asset, consistently remaining just below the 99% threshold of the total ETH supply. Bitmine began accumulating ETH on June 30, 2025, and has since purchased small amounts of the asset each week.
Tom Lee, Chairman of Bitmine’s Board of Directors, stated that the company will stop purchasing Ether once it reaches the much-discussed 5%. The company’s most recent purchase occurred amid a downturn in the crypto market. Over the past week, Ether dropped 5% to $2,398. Currently, ETH is trading 51.5% below its all-time high of $4,953, reached last August.
Tom Lee attributes the market weakness to a broad decline in investor risk appetite. According to the entrepreneur, investors are concerned about the fate of investments in artificial intelligence and the security of AI models. Investors are also worried about escalating tensions between the U.S. and Iran, uncertainty ahead of the U.S. midterm elections, and rising bond yields worldwide. Lee added that the sell-off of stocks of companies involved in AI and semiconductors in markets such as Korea and Taiwan—where cryptocurrencies are in demand among traders—has negatively impacted digital assets. However, Lee called the current downturn a favorable entry point with a favorable risk-reward profile.
As of October 18, Bitmine holds 215 bitcoins, $582 million in cash and liquid securities, and equity stakes in Beast Industries and Eightco Holdings valued at $180 million and $74 million, respectively. Bitmine is the second-largest holder of crypto assets globally, trailing only Strategy, the company of Michael Saylor, which holds approximately 848,517 BTC.
Recently, Tom Lee stated that the crypto market is entering the strongest bull cycle in history. Large companies no longer view blockchain and asset tokenization as experimental, but rather as an integral part of finance, the businessman said.