Bitmine Immersion Technologies added 12,535 ETH to its corporate treasury, extending its weekly buying streak. The company now holds 6,041,481 ETH, valued at nearly $14.5 billion at a recent ether price near $2,400.
The acquisition, worth approximately $29.6 million, mirrors the prior week's purchase of 12,532 ETH. Bitmine now holds approximately 4.9 percent of Ethereum's circulating supply of 122.1 million tokens, leaving roughly 63,500 ETH short of its 5 percent ownership target.
Bitmine, chaired by Fundstrat co-founder Tom Lee, launched its Ethereum treasury strategy on June 30, 2025. Lee stated plans to cease purchases upon reaching the 5 percent goal.
As of Oct. 18, Bitmine had staked 5,067,309 ETH—approximately 84 percent of its total holdings. Staking operations generate an estimated $309 million in annualized rewards. If Bitmine stakes its entire Ethereum treasury, potential rewards could reach $369 million.
Bitmine's combined cryptocurrency holdings, cash, marketable securities and strategic investments total $15.1 billion. The company holds $17.6 million in bitcoin, a $180 million investment in Beast Industries and a $74 million stake in Eightco Holdings. Cash and marketable securities stand at $582 million.
Lee attributed recent cryptocurrency market weakness to de-risking across investor portfolios. He cited concerns about AI spending and safety, escalating U.S.-Iran tensions and anxiousness ahead of U.S. midterm elections. Rising bond yields globally also contributed to the sell-off, triggering weakness in AI stocks and semiconductor and memory stocks that dominate the Korean and Taiwan markets.
Lee said: "Crypto is widely held in the U.S. Korea and Taiwan. So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets."
Lee added that when fundamentals remain resilient despite price declines, "these have historically been attractive risk-reward opportunities." He highlighted crypto's positive exposure to modernizing global financial system infrastructure.
ETH dropped 11.5 percent over the last two weeks, while bitcoin fell 4.4 percent in the same period. Bitmine continued accumulation despite these market movements.
