Bitmine Immersion Technologies, a NYSE-listed company, bought 12,535 ETH for approximately $30 million, bringing its total holdings to 6,041,481 ETH valued at roughly $14.3 billion at a reference price of $2,365 per coin, representing 4.9% of Ethereum’s total token supply. Bitmine is now 99% of the way to its goal of acquiring 5% of the network, a threshold it calls the Alchemy of 5%, which it expects to reach in the coming weeks. The company remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, with total assets of $15.1 billion including 215 Bitcoin, $582 million in cash and stakes in Eightco Holdings and Beast Industries. Chairman Tom Lee attributed the recent weakness in the crypto market to a broad contraction in risk appetite, citing concerns over AI funding, escalating U.S.-Iran tensions, midterm election jitters and rising bond yields. Some 5,067,309 ETH of Bitmine’s holdings are staked through the MAVAN platform, generating projected annualized revenue of approximately $309 million.
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