Bitmine Buys $41M More Ethereum, Reaching 99% of Its 'Alchemy of 5%' Target
Bitmine Immersion Technologies purchased 15,112 ETH (about $41 million), bringing its holdings to 6,016,414 ETH, worth roughly $16.4 billion at a $2,726 reference price. The company said this amount represents about 4.9% of Ethereum's 122.1 million supply and puts Bitmine 99% of the way to its stated "Alchemy of 5%" target.
Why It Matters
The acquisition extends a continuous weekly buying program that began in June 2025 and reinforces Bitmine's position as the largest public Ethereum treasury. That concentration and ongoing staking activity make the company's actions material to institutional treasury behavior in crypto markets.
Key Facts
- Latest purchase: 15,112 ETH (~$41 million)
- Total ETH holdings: 6,016,414 ETH (~$16.4 billion at $2,726/ETH)
- Share of supply: 4.9% of 122.1 million ETH supply (99% of 5% target)
- Treasury target: "Alchemy of 5%" (5% of total ETH supply)
- Company total holdings: $17.4 billion (includes cash, other tokens, "moonshots")
Bitmine Immersion Technologies added another 15,112 Ethereum to its balance sheet this week, a purchase the company valued at approximately $41 million. With the latest acquisition, Bitmine's ETH holdings total 6,016,414 coins, calculated at a reference price of $2,726 per token and equivalent to about $16.4 billion. The firm says this amounts to roughly 4.9% of Ethereum's 122.1 million supply. Bitmine framed the milestone as reaching 99% of its internally announced "Alchemy of 5%" goal, a target it launched with the treasury program that began on June 30, 2025. The company has reported buying Ethereum each week since the strategy started, an unbroken run of purchases now extended by this week's trade. Chairman Tom Lee characterized the broader market as entering a crypto bull phase and highlighted Ethereum's recent performance versus traditional markets, noting that ETH outpaced the S&P 500 by 6,832 basis points this quarter despite macroeconomic pressures such as a hawkish Federal Reserve, rising oil prices, and higher global bond yields. Bitmine also compared its stock performance to ETH, saying its share price fell less than ETH during the first nine months of 2026. Beyond Ethereum, Bitmine reported $17.4 billion in total assets as of Saturday, a figure that includes 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and a $117 million holding in Eightco Holdings. The company also said it stakes a large portion of its ETH through its MAVAN platform: 5,067,309 ETH, or about 84% of its Ethereum holdings, is staked with projected annualized revenue near $363 million.
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