BitMine Immersion Technologies is close to the end of its Ethereum buying.
The company, chaired by Tom Lee, bought 12,535 ETH last week, worth about $30 million. It said on Monday that it now holds 6,041,481 ETH, about 4.9% of Ethereum’s 122.1 million token supply.
BitMine says it is 99% of the way to its target of owning 5% of all ETH, a goal it calls the “Alchemy of 5%.” Lee has said the company will stop buying once it gets there.
How much is left
At 122.1 million ETH in supply, 5% works out to about 6.1 million ETH. That leaves BitMine roughly 63,500 ETH short, worth about $150 million at a price of $2,365.
At last week’s pace, that would take about five more weeks. BitMine has bought ETH every week since it launched its treasury strategy on 30 June 2025.
What BitMine holds
BitMine’s ETH holdings are worth about $14.3 billion at a $2,365 reference price.
As of 18 October, it also held 215 BTC, $582 million in cash and marketable securities, a $180 million stake in Beast Industries and a $74 million position in Eightco Holdings. Its total holdings were valued at $15.1 billion.
About 5,067,309 ETH, or 84% of its holdings, is staked through its MAVAN platform. BitMine projects annualised staking revenue of roughly $309 million.
Lee’s view on the dip
Lee described the current price weakness as a “historically attractive risk-reward entry.”
He put the recent pullback down to concerns over AI funding and safety, tensions between the US and Iran, nerves ahead of the US midterm elections, and rising bond yields.
What happens next
Once BitMine reaches 5%, one of the most consistent weekly buyers of ETH will step back. Its staking income will continue, but the steady buying pressure from its weekly purchases will end.
The open question is whether Lee keeps the 5% cap in place, or sets a new target once it is reached.
