Key highlights:
- Bitmine has added 12,532 ETH to its crypto holdings, inching towards its Alchemy of 5 milestone
- The company is aggressively buying ETH to hold 5% of Ethereum’s circulating supply
- Bitmine has staked 5.07 million ETH while eyeing $400 million in annualized staking revenue
Bitmine Immersion Technologies (BMNR) has purchased an additional 12,532 ETH for its balance sheet. The latest purchase comes on the heels of Chairman Tom Lee signaling that Bitmine will halt its aggressive purchases when its holdings reach 5% of Ethereum’s supply.
Bitmine acquires 12,532 ETH to near historic milestone
According to an official announcement, Bitmine has increased the size of its Ethereum holdings, scooping up 12,532 ETH over the last week. At current prices, Bitmine splurged around $31 million on its latest haul.
The acquisition brings the company’s Ethereum stash to 6,028,946 ETH as the company inches closer toward its objective of owning 5% of the total circulating supply. Bitmine has an unbroken streak of buying ETH each week since it pivoted to an ETH treasury strategy in June 2025.
“Over the past week, we acquired 12,532 ETH,” said Tom Lee. “Bitmine’s track record of consistent buying of crypto is unmatched by any public company.”
Last week, Tom Lee hinted that Bitmine will pause its ETH purchases, when its holdings equal 5% of Ethereum’s circulating supply. At the moment, Bitmine owns 4.9% of the total ETH coin supply estimated to be around 122.1 million.
Bitmine is putting its Ethereum holdings to work, staking 12.9 billion worth of ETH. Its projected staking reward is forecasted to be $400 million on an annualized basis.
Apart from its burgeoning ETH holdings, Bitmine’s balance sheet is flashing signs of strong financial performance. The company has disclosed 214 BTC, a $180 million stake in Beast Industries and an $85 million stake in Eightco Holdings.
Furthermore, its cash and marketable securities are pegged at $612 million with Tom Lee predicting a strong run for the company.
Bitmine tipped to outperform the crypto bull market
Tom Lee has predicted Bitmine to hit a streak of good fortune in the coming months, outperforming the broader crypto bull market.
“The accumulation of a majority of our 6 million ETH took place in the midst of a crypto bear market and with the Company nearing our 5% ETH accumulation target, we believe the company is attractively positioned ahead of the coming crypto bull.”
Lee pointed to Bitmine’s share price outperforming ETH during the bear market of 2025-2026. According to Lee, in the first 9 months of 2026, ETH declined by 10% while BMNR was down by 3%.
Source: Bitmine
Despite Ethereum playing second fiddle to Bitmine’s stock, Lee forecasted a major incoming rally for the broader cryptocurrency market. Dubbed the “largest ever crypto bull market,” Lee pointed to tokenization, and DATs as the major drivers of the incoming rally.