BitMine Boosts Ethereum Holdings by $70M Amid Bullish Outlook
BitMine Immersion Technologies has significantly boosted its Ethereum (ETH) holdings by purchasing an additional 28,086 tokens worth approximately $70.1 million. This acquisition brings BitMine's total ETH treasury to 5.93 million tokens, with a value of around $14.79 billion at the current price.
The purchase is part of BitMine's strategy to own 5% of the Ethereum supply, which it has dubbed the 'Alchemy of 5%'. According to Chairman Tom Lee, the company has been steadily adding ETH to its treasury every week since June 30, 2025. With this latest purchase, BitMine now controls about 4.9% of all ETH tokens in circulation.
In a statement, Lee expressed his bullish view on Ethereum and other large cryptocurrencies, citing their strong performance over the past quarter. He noted that $ETH had been the best-performing macro asset during the third quarter through September 4, beating the S&P 500 by 5,430 basis points.