Bitmine Acquires $131M in Ethereum, Reaching Nearly 5% Network Control
Tom Lee's Bitmine Immersion Technologies has purchased 53,501 ETH worth approximately $131 million, marking the largest single-week Ethereum buy since June. This acquisition brings its total Ethereum holdings to around 5.9 million tokens—valued at roughly $14.8 billion—which accounts for nearly 4.9% of the network's supply. The company is now close to achieving its goal of controlling 5% of all ETH, a milestone it refers to as 'the Alchemy of 5%.' Bitmine has consistently added Ethereum to its treasury every week since June 30, 2025—65 weeks in total. The recent purchase highlights continued confidence from institutional investors in crypto assets like Ethereum and Bitcoin, which have outperformed traditional markets this quarter. The move also reinforces Bitmine's position as the largest holder of Ethereum and second-largest overall cryptocurrency treasury behind Michael Saylor’s Strategy. With over $15.6 billion in total holdings—including cash, other tokens, and staking income—Bitmine continues to expand its influence within the crypto market.
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