Bitmine Hits Ethereum Milestone with $11.6 Billion in Holdings

Bitmine Immersion Technologies (BMNR) has announced that its Ethereum holdings have reached 5.81 million tokens, representing approximately 4.8% of the total ETH coin supply of 120.7 million.

In a statement, Thomas 'Tom' Lee, Chairman of Bitmine, noted that the company is 96% of the way to achieving the 'Alchemy of 5%' in just 14 months since its Ethereum Treasury strategy was implemented on June 30, 2025.

Lee also stated that the recent softer inflation and jobs data have led to a decline in the odds of a September hike by the Federal Reserve from 75% to 40%, which he believes will be a tailwind for crypto.

The company's common shares have seen strong outperformance over ETH in the past, with Lee attributing this trend to Bitmine's Ethereum Treasury strategy.