Lookonchain
Bitmine Immersion Technologies (BMNR), the Ethereum treasury vehicle chaired by Tom Lee, disclosed another 126,971 ETH purchase ($213.18M) last week, bringing total holdings to 5,543,872 ETH — roughly $9.31B at current prices. The company's average cost basis sits at approximately $3,460 per ETH, putting the position underwater by more than $9.88B on paper.
Why it matters
Bitmine now controls about 4.59% of the total 120.7 million ETH supply and says it is 92% of the way to its "Alchemy of 5%" target — a concentration play that, in dollar terms, makes BMNR one of the largest single corporate ETH holders on the public tape. The accumulation cadence reflects the vehicle's stated strategy of treating ETH as a primary treasury asset rather than a passive reserve.
Market impact
The aggressive buying against a deep unrealized loss underscores the conviction-over-markets posture Lee has staked the public-company structure on. Investors will read the weekly add as a stress test of that thesis: every tranche buys through the drawdown rather than around it, and the average cost continues to reset higher with each acquisition. Watch the next disclosure for whether the pace holds or decelerates as BMNR approaches its 5% cap.
Source: [Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.54 Million Tokens, and Total Crypto and Total Cash Holdings of $9.6 Billion](https://www.prnewswire.com/in/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-54-million-tokens-and-total-crypto-and-total-cash-holdings-of-9-6-billion-302793773.html)
Frequently asked questions
-
How much ETH does Tom Lee's Bitmine now hold?
Bitmine Immersion Technologies (BMNR) disclosed 5,543,872 ETH after adding 126,971 ETH ($213.18M) last week, worth roughly $9.31B at current prices.
-
What is Bitmine's average cost basis for its ETH holdings?
Bitmine's average cost is approximately $3,460 per ETH, leaving the position sitting on an unrealized loss of more than $9.88B at current prices.
-
What percentage of total ETH supply does Bitmine own?
Bitmine holds about 4.59% of the 120.7 million ETH in circulation and says it is 92% of the way to its 'Alchemy of 5%' target.
-
What is Bitmine's 'Alchemy of 5%' strategy?
It is Bitmine's stated treasury target of accumulating 5% of total ETH supply, framing ETH as a primary corporate reserve asset rather than a passive holding.
-
Why is Bitmine still buying ETH while the position is deeply underwater?
The continued accumulation reflects Bitmine's conviction-over-markets posture: every weekly tranche buys through the drawdown rather than around it, resetting the average cost higher with each purchase.
CoinTelegraph
CryptoSlate
Crypto Capital Venture
TheBlock
CoinDesk
WatcherGuru