Bitmine, the Ethereum treasury company chaired by Tom Lee, bought another 9,587 ETH last week and now holds 6,070,092 ETH. That puts it at 4.97% of ether's circulating supply, close to its 5% target. Lee also predicts a coming supercycle of tokenization and AI.
Bitmine bought 9,587 ETH last week, bringing its holdings to 6,070,092 ETH, worth over $12.9 billion at current prices. The firm did not disclose an average purchase price, but the latest acquisition is worth around $20.3 million at current prices.
Bitmine also said its total crypto, cash, marketable securities, and other investments stood at $14.3 billion. As of Nov. 8, it holds 216 BTC ($16.1 million), a $75 million stake in Eightco Holdings, a $180 million stake in Beast Industries, and $475 million in total cash and marketable securities.
Bitmine sits 99% of the way to its 5% goal
Bitmine's ETH holdings represent around 4.97% of Ethereum's circulating supply, which sits at approximately 122.2 million ETH, per The Block's ether price page. The firm is now 99% of the way toward its "Alchemy of 5%" target, which it has pursued since starting its Ethereum treasury strategy in June 2025.
Bitmine remains the largest Ethereum treasury holder. It is also the second-largest public crypto treasury company overall, behind Michael Saylor's Strategy, which holds 850,364 BTC ($63.4 billion).
Most of the ether is staked
As of Nov. 9, Bitmine said its total staked Ethereum stands at 5,227,037 ETH ($11.1 billion), or more than 86% of its total haul. Once all its ether is staked, the firm projects $359 million in annualized staking rewards, compared with $309 million at current staking levels, Lee said.
Lee also predicts a supercycle of tokenization and AI. In his statement, he said Vitalik Buterin declared at Devcon 8 in Mumbai: "ETH is a store of value, ETH is money". Lee called that a shift in how ETH will capture value in this coming supercycle.
Source: The Block
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