Bitmine Increased Its Assets in Ethereum to $15.1 Billion

Bitmine Immersion Technologies continued its weekly purchase of Ethereum: the company added 12,535 ETH worth about $30 million, despite the sell-off across the crypto market. As of Monday, reserves reached 6,041,481 ETH – approximately $14.3 billion at $2,365 per coin. This is 4.9% of the 122.1 million Ethereum tokens, meaning, according to the company's own calculations, it has completed 99% of its goal to own 5% of the network – the "Alchemy of 5%," achieved in just 15 months.

Purchases have not stopped since June 30, 2025, when Bitmine launched its treasury strategy: Ethereum was bought every week. Chairman Tom Lee said the company is almost done accumulating and will stop at the 5% threshold. However, the latest purchase was made with a paper loss: most of the reserves were accumulated last year at higher prices, and ETH is now trading significantly below its highs.

Lee explained the recent weakness by a general risk-off sentiment: concerns about AI funding and model security, tensions between the US and Iran, nervousness ahead of elections, and rising global bond yields. He noted that the sell-off in AI and chipmaker stocks in Korea and Taiwan, where crypto is widespread, spilled over into digital assets, and called the current downturn a historically attractive entry point in terms of risk and reward while maintaining strong fundamentals.

Including cash, other tokens, and "moonshot" investments, Bitmine's total assets as of October 18 amounted to $15.1 billion, including 215 BTC, $582 million in cash and marketable securities, $180 million in Beast Industries, and $74 million in Eightco Holdings, which the company calls a rare public proxy for indirect exposure to OpenAI.

Bitmine remains the largest Ethereum treasury in the world and the second-largest crypto treasury, second only to Michael Saylor's Strategy with 848,250 BTC; recently, Strategy added another $22 million in bitcoin and repurchased preferred shares. Through the MAVAN platform, 5,067,309 ETH are staked – about 84% of reserves – with projected annual revenue of approximately $309 million.