Lookonchain
Bitmine Immersion Technologies, the Ethereum treasury vehicle chaired by Fundstrat's Tom Lee, bought another 76,881 ETH last week — worth roughly $135.6M at current prices — bringing its total holdings to 5,620,754 ETH, valued at $9.92B. The company's average cost basis sits near $3,450, leaving the position down more than $9.5B at today's mark.
Why it matters
Bitmine is now 93% of the way to its stated 'Alchemy of 5%' target — owning 5% of the total 120.7M ETH supply. The firm crossed 4.66% of total supply in just 11 months, the fastest accumulation cadence by any public ETH treasury to date. Tom Lee has framed the strategy as a long-duration bet on Ethereum's role as settlement infrastructure for tokenized real-world assets and stablecoin settlement, not a short-term trade.
Market impact
The buy is small relative to Bitmine's existing stack, but the signal is the cadence: Lee keeps adding through a multi-billion-dollar unrealized loss rather than pausing, the same pattern Strategy (formerly MicroStrategy) established for BTC treasuries. ETH price held steady into the announcement, with the market treating the flow as a structural bid rather than a liquidation event. Watch Bitmine's next weekly update — another 50K+ ETH week would confirm the accumulation pace is accelerating, not just continuing.
Source: [Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.62 Million Tokens, and Total Crypto and Total Cash Holdings of $10.4 Billion](https://www.prnewswire.com/in/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-62-million-tokens-and-total-crypto-and-total-cash-holdings-of-10-4-billion-302799973.html)
Frequently asked questions
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How much ETH does Tom Lee's Bitmine now hold?
Bitmine Immersion Technologies reported holdings of 5,620,754 ETH, valued at roughly $9.92B at current prices, after buying another 76,881 ETH last week.
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What is Bitmine's average cost basis on its ETH?
The company disclosed an average cost near $3,450 per ETH, leaving the position down more than $9.5B at current market prices.
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What is Bitmine's 'Alchemy of 5%' target?
It is Bitmine's stated goal of acquiring 5% of the total 120.7M ETH supply. The company is now 93% of the way there after 11 months, holding 4.66% of supply.
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Why is Tom Lee still buying ETH through a large drawdown?
Lee has framed the strategy as a long-duration bet on Ethereum's role in tokenized real-world assets and stablecoin settlement, treating the position as structural rather than reactive to short-term price action.
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How does Bitmine compare to other public ETH treasuries?
Bitmine crossed 4.66% of total ETH supply in 11 months, the fastest accumulation cadence by any public ETH treasury to date, drawing structural comparisons to Strategy's BTC treasury playbook.
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