Bitmine Immersion Technologies is now 99% of the way toward holding one out of every 20 Ethereum tokens in existence, and its chairman says the company has nearly finished buying.
In a Monday update, the firm said it added 12,532 ETH over the previous week. Bitmine values its holdings at $2,544 per token, which puts the purchase at roughly $31.9 million. Its total holdings now stand at 6,028,946 ETH.
Ethereum has a total supply of 122.1 million tokens, so Bitmine’s stash comes to 4.9% of it. The company is aiming for 5%, a goal it calls the “Alchemy of 5%.”
Roughly 100,000 tokens left to buy
Chairman Tom Lee has said plainly that the buying will not go on forever. In last week’s monthly Chairman’s message, he said Bitmine needs “about 100,000 more ETH, and that’s about it.” He has also said the company will stop buying Ethereum once it hits the target.
If the last two weeks are any guide, that point is close. The $31.9 million buy this week came right after a $41 million purchase the week before.
Lee presents the coming pause as a plus. “Now we’re done stacking while a bull market is starting,” he said in the video. “So if we’re done stacking, but ETH goes up a lot, you can imagine that we’ll outperform Ethereum.”
A big bull-market call with a lot riding on it
Lee said he expects the next crypto rally to be “the biggest bull market we’ve ever seen.” He named four reasons: tokenization, wealth moving to younger investors, supply taken off the market by digital asset treasury companies like Bitmine, and AI agents using crypto wallets.
He also said Bitmine’s stock, which was trading at about $26 at the time, moves with ETH at a 90% correlation. By his math, ETH at $22,000 would put the shares somewhere between $300 and $500.
Keep in mind who is making this forecast: the chairman of a company whose balance sheet is mostly Ethereum. Readers should weigh it with that in mind.
Lee is also happy to point to the firm’s buying history. In a press release, he said Bitmine’s “track record of consistent buying of crypto is unmatched by any public company in the world.”
What else is on the balance sheet
Bitmine said its crypto, cash and investments add up to $16.2 billion. Along with the Ethereum, that figure includes 214 BTC, $612 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $85 million stake in Eightco Holdings.
Most of the ETH is being put to work. The company has staked 5,067,309 ETH, and Lee said that brings in about $336 million a year in staking revenue.
Lee also pointed to BMNP, Bitmine’s 9.5% perpetual preferred stock. According to the release, it was issued at $80 in June and last closed at $99.53. For anyone who bought at issue, this is the one part of the story where the gain has already happened and doesn’t depend on ETH reaching $22,000.