BitMine Buys $41 Million in Ethereum Closing in on 5 Percent Target

BitMine Immersion Technologies has continued its aggressive Ethereum accumulation strategy, purchasing 15,112 ETH worth approximately $41 million in the week leading up to October 4. This latest acquisition brings the company’s total Ethereum holdings to 6,016,414 ETH, valued at around $16.4 billion based on a reference price of $2,726 per ETH. The purchase marks the second consecutive week of reduced acquisitions, following a larger buy of 17,362 ETH the previous week. Despite the slower pace, BitMine’s buying streak remains unbroken since launching its Ethereum treasury strategy on June 30, 2025.

With this acquisition, BitMine now holds roughly 4.9% of Ethereum’s total supply of 122.1 million tokens, nearing its self-described “Alchemy of 5%” target. To reach this milestone, the company would need to acquire an additional 89,000 ETH. BitMine has positioned itself as the largest publicly disclosed corporate Ethereum treasury and the second-largest corporate cryptocurrency treasury overall, trailing only Strategy’s Bitcoin holdings.

Beyond Ethereum, BitMine’s balance sheet includes 214 BTC, $643 million in cash and marketable securities, a $180 million investment in Beast Industries, and a $117 million position in Eightco Holdings. The company values its combined assets at $17.4 billion. Additionally, BitMine is actively staking 84% of its Ethereum holdings, or 5,067,309 ETH, generating an estimated $363 million in annualized staking revenue at a 2.63% yield.

Chairman Tom Lee has emphasized Ethereum’s strong performance, noting that ETH outperformed the S&P 500 by 6,832 basis points during the third quarter despite challenging financial conditions. As BitMine approaches its 5% target, the focus shifts from whether the company can achieve this milestone to when it will do so, given its consistent weekly buying strategy.