Bitmine Nears 5% Ethereum Supply Target with $19 Million Purchase

Bitmine Immersion Technologies has purchased another $19 million worth of Ethereum, bringing its total holdings to nearly 5.8 million ETH.

This purchase brings Bitmine's Ethereum treasury to approximately $11 billion, putting it within striking distance of its goal to own 5% of the cryptocurrency's circulating supply.

According to Chairman Tom Lee, the company is 96% of the way to achieving its 'Alchemy of 5%' target, which was set when Bitmine began buying ETH weekly 14 months ago.

In a statement, Lee said that the rising price ratio of Ethereum against Bitcoin is a sign that markets are beginning to see the materialization of tokenization and agentic-AI applications, which should benefit Ethereum. He also expects easing financial conditions to be a tailwind for crypto.