Bitmine Purchases $20M in Ethereum to Near 5% Supply Target

Bitmine Immersion Technologies acquired an additional 9,587 $ETH valued at roughly $20 million, expanding its corporate treasury to 6,070,092 ETH ¹. The NYSE-listed firm confirmed on Nov. 9 that its balance sheet now controls approximately 4.97% of Ethereum's 122.2 million token circulating supply, placing the company 99% toward its stated objective of controlling 5% of the network under its "Alchemy of 5%" framework ¹.

Chairman Tom Lee attributed the sustained purchases to comments made by Ethereum co-founder Vitalik Buterin during the Devcon conference in Mumbai ¹. At the event, Buterin stated, "I’ve finally made up my mind, ETH is a store of value, ETH is money," later posting on X that fee-burning mechanisms are weaker drivers than previously perceived and can conflict with network decentralization ¹. Lee characterized Buterin's remarks as a structural validation of ETH acting as collateral rather than a pure cash-flow asset amid institutional tokenization ¹. The transaction continues a continuous weekly buying streak launched on June 30, 2025 ¹.

Treasury Holdings and Staking Operations

Including token holdings, cash, and outside investments, Bitmine's total asset base reached $14.3 billion as of Nov. 8 ¹. Its broader portfolio contains 216 $BTC, $475 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $75 million holding in Eightco Holdings ¹. Bitmine operates the largest corporate Ethereum treasury globally and stands as the second-largest corporate crypto treasury behind Strategy, which maintains approximately 849,327 BTC ¹.

The company also expands its Ethereum holdings by operating validator infrastructure, staking 5,227,037 ETH—roughly 86% of its reserve—through its proprietary MAVAN platform ¹. That staked reserve generates an estimated annualized staking revenue of approximately $359 million ¹. At the time of writing, ETH traded at $2,129.