Bitmine buys another 9,587 ETH and now holds 4.97% of ether's supply, just shy of its 5% goal

Summary

Bitmine Immersion Technologies bought 9,587 ETH last week, worth about $20 million, raising its holdings to 6,070,092 ETH, the company reported Monday, according to The Block and Decrypt.

That is about 4.97% of ether's roughly 122.2 million supply, putting the firm 99% of the way to its "Alchemy of 5%" target, both outlets reported.

The outlets valued the stash differently: Decrypt put it at about $13.6 billion using a $2,234 reference price, while The Block said it was worth over $12.9 billion at current prices; both reported total holdings, including cash and other investments, of $14.3 billion.

Chairman Tom Lee called Vitalik Buterin's Devcon comment that "ETH is a store of value, ETH is money" a "seismic shift" for how ETH captures value.

Key facts

• The Block: Bitmine bought 9,587 ETH last week and did not disclose an average price; the buy is worth around $20.3 million at current prices. (The Block)
• Decrypt: holdings reached 6,070,092 ETH, worth roughly $13.6 billion at a reference price of $2,234, or 4.97% of Ethereum's 122.2 million token supply. (Decrypt)
• The Block: the 6,070,092 ETH is worth over $12.9 billion at current prices, a lower figure than Decrypt's. (The Block)
• Decrypt: Bitmine has bought ether every week since launching its treasury strategy on June 30, 2025. (Decrypt)
• The Block: as of Nov. 9, Bitmine had 5,227,037 ETH staked, more than 86% of its holdings, and projects $359 million in annualized staking rewards once fully staked, versus $309 million at current levels. (The Block)
• The Block: as of Nov. 8, Bitmine also held 216 BTC, a $75 million stake in Eightco Holdings, a $180 million stake in Beast Industries and $475 million in cash and marketable securities. (The Block)
• Decrypt: Tom Lee is one of several investors in Dastan, Decrypt's parent company. (Decrypt)

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