From Decrypt · By Decrypt Staff
In brief
Bitmine bought another 9,587 ETH, raising holdings to 6,070,092 ETH (about $13.6 billion), or 4.97% of supply—99% of the way to its “Alchemy of 5%” goal.
Chairman Tom Lee seized on Ethereum co-founder Vitalik Buterin’s declaration that “ETH is a store of value, ETH is money,” calling it a “seismic shift."
Total holdings hit $14.3 billion; Bitmine remains the top ETH treasury and No. 2 behind Strategy.
Bitmine Immersion Technologies extended its weekly Ethereum buying streak, adding 9,587 ETH worth roughly $20 million, as chairman Tom Lee pointed to a recent declaration by Ethereum co-founder Vitalik Buterin as validation of the firm’s accumulation strategy.
The NYSE-listed company said Monday its holdings reached 6,070,092 ETH, worth roughly $13.6 billion at a reference price of $2,234 per coin.
That’s 4.97% of Ethereum’s 122.2 million token supply, leaving Bitmine, by its own count, 99% of the way to its goal of owning 5% of the network, a target it calls the “Alchemy of 5%,” reached in just 15 months.
PredictCryptoEthereum next move: Pump to $3K or Dump to $1.5K?
52%48%$3K$1.5K$156.21K volumeOpen until resolutionOpen until resolutionThe firm has bought Ethereum every week since launching its treasury strategy on June 30, 2025.
Lee leaned heavily on comments Buterin made at the Devcon conference in Mumbai, where the Ethereum founder said, “I’ve finally made up my mind, ETH is a store of value, ETH is money.” Lee called the declaration “a seismic shift,” arguing it clarifies how ETH will capture value in what he described as a coming “supercycle of tokenization and AI.” (Disclosure: Tom Lee is one of several investors in Dastan, Decrypt’s parent company.)
He contended ETH functions as “pristine and trusted collateral” rather than a cash-flow token, reflecting its position as the layer-1 network favored by financial institutions moving assets onchain.
Buterin elaborated in an X post, laying out why he now sees ETH primarily as a store of value, including his view that fee-burning is weaker than it once seemed and that optimizing for it can conflict with decentralization. Lee framed that reasoning as consistent with Ethereum’s roadmap and its role in the tokenization wave.
BitcoinBTC · USD$74,868−2.96%Nov 2Nov 4Nov 6Nov 7Nov 9$80.7k$78.4k$76.2k$73.9k24h HighHigh$75,88124h LowLow$73,709VolVol$1.4BMarket projectionsOdds by MyriadTodayAbove $74,000Above $74k72% chance→Buy Bitcoin with USDCPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →Counting cash, other tokens and “moonshot” investments, Bitmine’s total holdings stood at $14.3 billion as of Nov. 8, including 216 Bitcoin, $475 million in cash and marketable securities, a $180 million stake in Beast Industries and a $75 million position in Eightco Holdings, which it bills as a rare public proxy for indirect OpenAI exposure.