Bitmine reported holdings of 6,070,092 ETH in a Nov. 9, 2026 update, after buying 9,587 ETH during the preceding week. The Ethereum treasury company, chaired by Tom Lee, held approximately 4.97% of ether’s circulating supply, according to The Block’s report.
The figures are a dated snapshot: the dollar valuations below reflect prices cited in the original report, not live market readings.
Holdings approach the 5% target
Bitmine’s ether holdings were valued at more than $12.9 billion. Its latest weekly purchase was worth approximately $20.3 million at the prices cited, but the company did not disclose its average acquisition price.
Against a circulating supply of approximately 122.2 million ETH, as listed on The Block’s ether price page, Bitmine said it was 99% of the way toward its “Alchemy of 5%” target. The company began its Ethereum treasury strategy in June 2025.
Bitmine reported $14.3 billion in total crypto, cash, marketable securities and other investments. As of Nov. 8, it also held:
- 216 BTC, valued at $16.1 million;
- A $75 million stake in Eightco Holdings;
- A $180 million stake in Beast Industries;
- $475 million in cash and marketable securities.
Staked ether and projected rewards
As of Nov. 9, Bitmine said 5,227,037 ETH, valued at $11.1 billion, was staked—more than 86% of its ether holdings.
Lee put annualized staking rewards at $309 million at that staking level. If all of the company’s ether holdings were staked, he said the firm projected $359 million in annualized rewards. Those figures are annualized estimates, not reported realized earnings or guaranteed future returns.
Bitmine remained the largest Ethereum treasury holder and the second-largest public crypto treasury company overall. It ranked behind Michael Saylor’s Strategy, which held 850,364 BTC, valued at $63.4 billion, following its latest weekly acquisition.
Lee’s tokenization and AI thesis
In the company’s statement, Lee attributed a declaration to Ethereum founder Vitalik Buterin at Devcon 8 in Mumbai: “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
Lee described that declaration as a “seismic shift” in his view of how ether could capture value in a coming tokenization and AI “supercycle.” He argued that ETH was not a “cash flow” token model like HYPE or LIT, but instead “pristine and trusted collateral.” He also characterized Ethereum as the Layer 1 chosen by the vast majority of financial institutions moving assets onto blockchains.
Those are Lee’s interpretations and expectations. The reported purchases and staking balances document Bitmine’s treasury exposure; they do not establish that the anticipated supercycle will occur or determine ether’s future price.
Original publication: Nov. 9, 2026, at 22:31:38 UTC+08:00. Read the original article at The Block.