Bitmine adds 127K ETH in a week, now holds 5.54M tokens…

Tom Lee's Bitmine Immersion Technologies added another 126,971 ETH worth $213.18 million last week, pushing its total holdings to 5,543,872 ETH — a position now valued at approximately $9.31 billion. The firm's average acquisition cost sits at roughly $3,460 per ETH, meaning the position is currently underwater by more than $9.88 billion at prevailing prices.

Why it matters

Bitmine now controls approximately 4.59% of ETH's total circulating supply of 120.7 million tokens, and the company says it is 92% of the way toward its self-declared "Alchemy of 5%" threshold — a milestone it has been targeting since launching its accumulation strategy roughly 11 months ago. Reaching 5% of circulating supply would make Bitmine one of the single largest non-protocol holders of any major proof-of-stake asset in history, with meaningful implications for ETH's effective float and staking dynamics.

Market impact

The continued accumulation despite a deeply underwater average cost signals that Bitmine and Tom Lee are treating current ETH prices as a long-term entry opportunity rather than a risk to manage. For ETH bulls, the structural removal of nearly 4.6% of supply from active circulation is a persistent demand-side tailwind. The key variable to watch is whether the pace of weekly purchases is sustained as the 5% target approaches — any deceleration would be read as a signal that the thesis is being stress-tested.

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)