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BTC 
ETH Bitmine Immersion Technologies continues to expand its Ethereum holdings, with Chairman Tom Lee calling the crypto bull market "underway"
This week, Bitmine Immersion Technologies continued its uninterrupted buying momentum and purchased another 15,112 Ethereum (ETH) units worth approximately US$41 million. Company chairman Tom Lee insists that the crypto market is in a bull market.
The New York Stock Exchange-listed company said on Monday that its total Ethereum holdings have reached 6,016,414, with a total value of approximately US$16.4 billion based on a reference price of US$2,726 each. This size accounts for 4.9% of Ethereum's total supply of 122.1 million units. According to Bitmine's own calculations, the company is 99% closer to achieving its goal of controlling 5% of network supply. The company calls this goal "5% alchemy" and is close to reaching it in just 15 months.
The acquisition continues its uninterrupted buying record since Bitmine launched its treasury strategy on June 30, 2025, and the company has been buying Ethereum every week since then. Lee pointed out that even during the bear market of 2025-2026, the company's stock outperformed ETH. For example, he cited that in the first nine months of 2026, BMNR's share price fell by only 3%, while ETH fell by 10%.
In addition, he also said that despite headwinds such as the Fed's hawkish stance, soaring oil prices and rising global bond yields, Ethereum's performance far outperformed other macro assets this quarter, outperforming the S & P 500 index by 6,832 basis points.
As of Saturday, Bitmine's total assets reached $17.4 billion when taking into account cash, other tokens and what the company calls "high-risk, high-return" investments. These include 214 bitcoins,$643 million in cash and securities, a $180 million stake in Beast Industries, and a $117 million position in Eightco Holdings. Bitmine described the latter as one of the few publicly traded stocks that could provide indirect exposure to invest in OpenAI.
Currently, Bitmine is still the world's largest holder of Ethereum treasury and the second largest crypto asset treasury after Michael Saylor's Strategy. Strategy holds approximately 847,666 bitcoins.
Recently, Strategy reported third-quarter earnings of $21 billion and resumed its bitcoin purchase program, while Metaplanet emphasized the flexibility of its treasury management by selling and re-buying 10,000 bitcoins.
Meanwhile, Bitmine continues to generate pledge revenue. Its 5,067,309 Ethereum holdings (approximately 84% of its total positions) have been pledged through the MAVAN platform, with expected annualized revenue of approximately US$363 million.
