Bitmine Immersion Technologies acquires $74M in Ethereum

Bitmine Immersion Technologies (NYSE: BTMN) has continued its weekly Ethereum acquisition streak, purchasing an additional 27,562 ETH valued at approximately $74 million. This brings the company’s total Ethereum holdings to 5,983,940 ETH, valued at roughly $16.1 billion based on a reference price of $2,688 per coin. This position represents approximately 4.9% of the total Ethereum circulating supply, bringing the firm to 98% of its “Alchemy of 5%” target.

Bitmine’s total holdings, including cash, other tokens, and various investments, reached $17.1 billion. The diversified portfolio includes 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $105 million position in Eightco Holdings.

Chairman Tom Lee stated that a crypto bull market has been in motion since late June, driven by a rotation from AI stocks back into crypto and improved fundamentals regarding tokenization. Lee noted that Ethereum has outperformed the S&P 500 by 6,519 basis points this quarter and predicted that institutional investors will increase their exposure during the final quarter of 2026.