Newsletter
- Bitmine purchased an additional 9,587 ETH, bringing the total holdings to 6,070,092 ETH (approximately $13.6 billion), which accounts for 4.97% of the total supply. This brings them 99% closer to achieving their "5% alchemy" goal.
- Chairman Tom Lee seized on the statement by Ethereum co-founder Vitalik Buterin that “ETH is a store of value, and ETH is currency,” calling it a “seismic shift.”
- Including cash, other tokens, and investments in “moonshot”, Bitmine's total holdings have reached $14.3 billion; the company remains the largest holder of ETH, as well as the second-largest holder of crypto reserves, only behind Strategy.
Bitmine Immersion Technologies continued its weekly buying pattern of Ethereum, adding another 9,587 ETH, worth approximately 20 million US dollars. The company's chairman, Tom Lee, stated that the recent remarks by Ethereum co-founder Vitalik Buterin have validated the company's cumulative strategy.
The company, which is listed on the New York Stock Exchange, stated on Monday that based on a reference price of $2,234 per unit, its holdings have reached 6,070,092 units of ETH, with a value of approximately $13.6 billion.
This corresponds to 4.97% of Ethereum's token supply of 122.2 million tokens. According to Bitmine's own calculations, the company is just one step away from achieving a 5% stake in the entire network, having already completed 99% of that goal. This goal is referred to as "5% Alchemy," and it was claimed to be achieved within just 15 months.
Since launching its reserve strategy on June 30, 2025, the company has been buying Ethereum every week.
Lee highlighted Buterin's speech at the Devcon conference in Mumbai. At that time, the Ethereum founder stated, "I finally understand that ETH is a store of value, and ETH is money." Lee referred to this statement as "an earthquake-level shift" and believed that it clarified how ETH will capture value during the upcoming "tokenization and AI supercycle" he mentioned.Disclosure:Tom Lee is one of the multiple investors in Dastan, while Dastan is the parent company of Decrypt.
Lee believes that ETH functions as a 'pure and trustworthy collateral', rather than a cash flow token, which reflects its status as a layer-1 network. For financial institutions that wish to move their assets onto the blockchain, Ethereum is their preferred network.
Buterin also went on to provide further clarification in a post on Platform X, explaining why he now primarily regards ETH as a form of value storage. This includes his belief that the role of the fee destruction mechanism is not as strong as it once seemed, and that optimizing around this point may conflict with the goals of decentralization. Lee interprets this logic as being in line with Ethereum’s development roadmap and its role in the wave of tokenization.
As of November 8th, if cash, other tokens, and the investment in “moonshot” are taken into account, the total position of Bitmine amounts to 14.3 billion US dollars. This includes 216 bitcoins, 475 million US dollars in cash and securities, a 180 million US dollar stake in Beast Industries, and a 75 million US dollar position in Eightco Holdings. Bitmine states that the latter is a rare type of listed proxy target that allows for indirect betting on OpenAI exposure.
Bitmine remains the world's largest holder of Ethereum reserves and is also the second-largest company in terms of overall crypto reserves, only behind Strategy which belongs to Michael Saylor. According to the press release, Strategy holds approximately 849,327 BTC. Bitmine has pledged 5,227,037 ETH through its MAVAN platform, which accounts for about 86% of its holdings, with an estimated annualized pledge income of around 359 million US dollars.
The company also recently stated that the market's response to the record-breaking hacker attack on Binance has been lukewarm, indicating that the resilience of the crypto market is strengthening.
