Bitmine Immersion Technologies said it bought another 12,535 ETH, worth about $30 million, bringing its holdings to 6,041,481 ETH. At a reference price of $2,365 per coin, it valued those holdings at about $14.3 billion. Bitmine said that amounts to 4.9% of Ethereum’s supply, just short of its 5% target; Chairman Tom Lee has said the company will stop buying when it reaches that threshold.
The purchase extended a weekly buying streak that began when Bitmine launched its treasury strategy on June 30, 2025. Its ETH holdings were at a paper loss after earlier purchases at higher prices. Lee attributed recent crypto weakness to a broader retreat from risk and described the dip as an attractive entry point. Bitmine reported $15.1 billion in total holdings, including cash and other assets, as of Oct. 18; the source does not give a calendar date for the latest purchase.
