Bitmine Immersion Technologies has pushed its Ethereum (ETH) exposure to new highs. The firm’s holdings surpassed 4% of the total ETH supply as it accelerates its accumulation strategy.
In its latest update, the company revealed it acquired 71,524 ETH over the past week, its “highest pace of buys since the week of December 22, 2025.”
Bitmine Moves Closer to Its 5% ETH Supply Target After Latest Buy
The latest buy brings Bitmine’s total holdings to approximately 4.87 million ETH. This puts it roughly 81% of the way toward its “Alchemy of 5%” target, nine months after launching its ETH treasury strategy.
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Beyond Ethereum, Bitmine’s broader balance sheet reflects a diversified portfolio. The company currently holds 198 Bitcoin, alongside equity stakes valued at $200 million in Beast Industries and $85 million in Eightco Holdings. It also reported cash reserves of approximately $719 million.
Tom Lee Frames Ethereum as Wartime Safe Haven
Bitmine Chairman Thomas Lee argued that Ethereum has emerged as a standout performer over the past few weeks. He noted that ETH has gained 17.4% since the onset of the ongoing geopolitical conflict.
The second-largest cryptocurrency has outperformed the S&P 500 by 1,830 basis points and surpassed gold by 2,743 basis points. This performance, in his view, positions ETH as a “wartime store of value.”
“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 added.
Meanwhile, the latest accumulation comes amid a broader rebound in risk assets. Ethereum climbed more than 7% over the past 24 hours to trade near $2,369.7, as market sentiment improved following developments tied to the US Hormuz blockade.
Shares of Bitmine (BMNR) also reacted positively. BMNR closed more than 4% higher, with additional gains of around 1% in after-hours trading. However, despite the recent price recovery, Bitmine’s aggressive positioning still carries significant downside.
The firm’s crypto holdings remain underwater, with unrealized losses exceeding $6 billion, highlighting the volatility tied to its high-conviction bet on Ethereum.
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