Bitmine Immersion Technologies accelerated the pace of its Ethereum purchases last week, acquiring 53,501 ETH — valued at around $131 million — as chairman Tom Lee highlights the strong performance of cryptocurrencies in the third quarter.
The NYSE-listed company said on Monday that its Ethereum reserves now total 5,901,112 ETH, valued at approximately $14.8 billion based on a reference price of $2,511 per coin. That represents 4.9% of the Ethereum network's total supply of 120.7 million tokens, leaving Bitmine — in its own words — 98% of the way to its goal of controlling 5% of the network, an objective the company calls the “5% Alchemy”.
The purchase continues an unbroken run of accumulation. Bitmine has bought Ethereum every week since launching its treasury strategy on 30 June 2025; the streak now stands at 65 weeks, even as the volume of some recent purchases has eased.
Lee said the three best-performing assets since 30 June have been Ethereum, Bitcoin and Solana, with Ethereum outperforming the S&P 500 index by 5,430 basis points this quarter. He argued that this outperformance sets the stage for institutions to increase their exposure to cryptocurrencies.
Adding cash, other tokens and what the company classifies as high-risk, high-reward (moonshot) investments, Bitmine's total assets reached $15.6 billion on Saturday. That figure includes 211 Bitcoins, $541 million in cash and marketable securities, a $180 million stake in Beast Industries and an $81 million position in Eightco Holdings.
Bitmine remains the world's largest holder of Ethereum reserves and the second-largest in cryptocurrencies overall, trailing only Michael Saylor's strategy.
The Bitcoin giant ended a two-month pause in purchases this week, acquiring around $370 million worth of Bitcoin — its first purchase since June. The move came after a rally that turned Saylor's company's 840,447 BTC position into an unrealised profit of roughly $2.8 billion, after the position had remained underwater for much of the summer. Saylor's company holds around $66 billion in Bitcoin, an amount that vastly exceeds Bitmine's cryptocurrency reserves.
Bitmine also continues to generate revenue through staking: 5,067,309 ETH — about 86% of its reserves — is allocated to staking through its MAVAN platform, generating a projected annualised revenue of approximately $335 million.
Lee pointed to the vote on the Clarity Act, expected in mid-September, as one of several potential catalysts for the rest of the year.
* Translated and edited with permission from Decrypt.
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