Bitmine Immersion Technologies just made a bold move. The company bought 71,524 ETH in a single week, pushing its total Ethereum holdings past 4% of the entire circulating supply.
That’s the fastest accumulation pace Bitmine has seen since the week of December 22, 2025. And it signals the firm is serious about hitting its ambitious “Alchemy of 5%” target.
ETH Treasury Strategy Hits 81% of Its Goal
Bitmine now holds approximately 4.87 million ETH. Nine months into its Ethereum treasury strategy, the company sits roughly 81% of the way toward owning 5% of all Ether in existence.
That’s a staggering concentration bet on a single asset. But Bitmine isn’t stopping there.
Beyond Ethereum, the company’s broader portfolio includes 198 Bitcoin, equity stakes of $200 million in Beast Industries, and $85 million in Eightco Holdings. Add in roughly $719 million in cash reserves, and total crypto and cash holdings reach $11.8 billion.
So the balance sheet is diversified, even if the headline story remains firmly centered on ETH.
Thomas Lee Calls ETH a Wartime Safe Haven
Bitmine Chairman Thomas Lee made a compelling case for why the timing matters. He pointed out that Ethereum has gained 17.4% since geopolitical tensions escalated around the US Hormuz blockade situation.
That kind of performance during uncertainty is hard to ignore. ETH outperformed the S&P 500 by 1,830 basis points over the same period. It also beat gold by 2,743 basis points.
“Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” Lee noted.
His framing positions ETH not just as a crypto play, but as a “wartime store of value” competing directly with traditional safe-haven assets. That’s a big claim. But the recent performance numbers give it some teeth.
ETH Jumps 7% as Market Sentiment Improves
The broader crypto market caught a tailwind this week. Ethereum climbed more than 7% in 24 hours to trade near $2,369.7, riding improved sentiment tied to geopolitical developments.
Bitmine’s stock followed suit. Shares of BMNR closed more than 4% higher, with an additional 1% gain in after-hours trading. Markets clearly liked what they saw in the latest accumulation update.
Still, the story isn’t entirely clean. Bitmine’s crypto holdings remain underwater by more than $6 billion in unrealized losses. That’s the risk side of a high-conviction, high-concentration strategy. When you own nearly 5% of an asset’s supply, price swings hit your balance sheet hard.
The $6 Billion Paper Loss Nobody Should Ignore
Here’s the honest part of this story. Buying ETH aggressively on the way down looks visionary if prices recover. It looks reckless if they don’t.
Bitmine is clearly betting on the former. Lee’s arguments about AI systems needing neutral blockchains and Wall Street tokenization moving onto Ethereum are genuinely interesting structural tailwinds. These aren’t made-up reasons. Real money is flowing into Ethereum-based infrastructure.
But $6 billion in paper losses is a real number. It reflects how volatile this strategy gets during market downturns. Bitmine isn’t a casual investor averaging down. It’s an institutional player staking its balance sheet on a single asset’s long-term trajectory.
Whether that bet pays off depends on how quickly ETH reclaims previous highs, and whether the tokenization and AI narratives Lee champions actually drive sustained demand. The latest weekly buy suggests Bitmine’s conviction hasn’t wavered. The market, at least for now, seems to be rewarding that patience.