Lookonchain
Bitmine Immersion Technologies, the Tom Lee-chaired ETH treasury vehicle, bought another 52,203 ETH (about $92 million) last week, lifting its holdings to 5,672,956 ETH worth roughly $10 billion at current prices. The average cost basis on the position sits near $3,440, leaving the stack with over $9.5B in unrealized losses on paper.
Why it matters
Bitmine is the largest corporate ETH treasury by a wide margin and now holds roughly 4.7% of ETH's 120.7 million total supply, per the company's announcement. Lee's "Alchemy of 5%" target puts the firm 94% of the way there in just 11 months, a pace that has turned Bitmine into a price-relevant accumulator for the asset. Continuing to add at a $92M weekly cadence while sitting on a multi-billion-dollar unrealized loss signals management is treating ETH as a long-duration reserve, not a trade.
Market impact
The accumulation matters for two reasons. First, the average cost is now a public anchor at roughly $3,440 that traders will watch as a reversion level. Second, the buy pace has not slowed despite the drawdown, which removes one of the typical forced-seller risks a leveraged or margined treasury would carry. The flip side is concentration: at 4.7% of supply, Bitmine's future selling or staking decisions become a non-trivial variable in ETH's float.
Source: [Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.67 Million Tokens, and Total Crypto and Total Cash Holdings of $10.7 Billion](https://www.prnewswire.com/apac/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-67-million-tokens-and-total-crypto-and-total-cash-holdings-of-10-7-billion-302806056.html)
Frequently asked questions
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How much ETH does Tom Lee's Bitmine now hold?
Bitmine Immersion Technologies reported holdings of 5,672,956 ETH after a 52,203 ETH purchase last week, worth roughly $10 billion at current prices.
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What is Bitmine's average cost basis on its ETH position?
The average cost basis on Bitmine's ETH stack sits near $3,440, putting the position over $9.5B in unrealized losses on paper at current prices.
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What percentage of total ETH supply does Bitmine control?
Bitmine holds roughly 4.7% of ETH's 120.7 million total token supply, making it the largest corporate ETH treasury by a wide margin.
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What is Bitmine's 'Alchemy of 5%' target?
It is a stated goal championed by chairman Tom Lee to accumulate 5% of total ETH supply. Bitmine is 94% of the way to that target after 11 months.
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Why does Bitmine's continued buying matter for ETH's market?
A $92M weekly purchase cadence while sitting on a multi-billion-dollar unrealized loss signals management is treating ETH as a long-duration reserve, removing typical forced-seller risk while concentrating 4.7% of supply under one entity.
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