Original report published November 10, 2026, at 01:08:21 UTC+8. Figures below reflect the historical reporting period, not live market readings.
Ethereum holdings approach the company’s 5% target
Bitmine Immersion Technologies said Monday that it added 9,587 ETH worth roughly $20 million, extending a weekly buying streak that began with its treasury strategy on June 30, 2025.
The NYSE-listed company reported holdings of 6,070,092 ETH, valued at approximately $13.6 billion using a reference price of $2,234 per ETH. That represented 4.97% of Ethereum’s 122.2 million token supply. By Bitmine’s calculation, it was 99% of the way toward its goal of owning 5% of the supply—a target it calls the “Alchemy of 5%”—after 15 months.
These figures describe the scale of one company’s accumulation, rather than establish a broader market trend or price outlook.
Lee’s thesis rests on ETH as collateral and money
Chairman Tom Lee pointed to Ethereum co-founder Vitalik Buterin’s remarks at Devcon in Mumbai as support for Bitmine’s strategy. Buterin said: “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
Lee called the declaration “a seismic shift” and argued that it clarified ETH’s role in what he described as a coming “supercycle of tokenization and AI.” He characterized ETH as “pristine and trusted collateral,” rather than a cash-flow token, and described Ethereum as the layer-1 network favored by financial institutions moving assets onchain.
In an X post, Buterin elaborated on his store-of-value view, saying fee-burning was weaker than it had once appeared and that optimizing for it could conflict with decentralization. Lee presented that reasoning as consistent with Ethereum’s roadmap and tokenization role. Those are attributed assessments, not demonstrated forecasts of demand or returns.
Staking and the wider balance sheet
As of November 8, 2026, Bitmine reported $14.3 billion in total holdings, including ETH, cash, other tokens and investments it labels “moonshots.” The reported assets included:
- 216 BTC.
- $475 million in cash and marketable securities.
- A $180 million stake in Beast Industries.
- A $75 million position in Eightco Holdings, which Bitmine describes as a rare public proxy for indirect OpenAI exposure.
Bitmine had 5,227,037 ETH, approximately 86% of its ETH holdings, staked through its MAVAN platform. It projected annualized staking revenue of about $359 million; that figure was a projection, not realized annual revenue.
The report described Bitmine as the world’s largest Ethereum treasury and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy. The company release put Strategy’s holdings at approximately 849,327 BTC.
Bitmine also recently argued that the muted market reaction to what the report described as the record Binance hack demonstrated growing crypto resilience. That remained the company’s interpretation of the reaction, rather than independent evidence that market risk had diminished.
Disclosure carried by Decrypt: Tom Lee is one of several investors in Dastan, Decrypt’s parent company.