Bitmine Immersion Technologies added 9,587 ETH worth roughly $20 million in its latest weekly purchase, bringing its Ethereum holdings to 6,070,092 ETH, according to Decrypt’s report published on November 10, 2026, at 01:08:21 UTC+8.
The NYSE-listed company said Monday that its holdings were worth approximately $13.6 billion at a reference price of $2,234 per ETH. Against the cited Ethereum supply of 122.2 million tokens, Bitmine’s position represented 4.97%—putting it, by its own count, 99% of the way toward its target of owning 5% of the network’s ETH supply.
Accumulation and staking
Bitmine calls that ownership target the “Alchemy of 5%.” It said it had reached its current position in just 15 months and had purchased ETH every week since launching its treasury strategy on June 30, 2025.
Of its holdings, 5,227,037 ETH—roughly 86%—was staked through its MAVAN platform. The company projected annualized staking revenue of about $359 million. That figure was a projection, not a reported realized annual result.
The figures describe two distinct aspects of Bitmine’s strategy: accumulating a share of ETH supply and staking most of that position to generate revenue. They do not describe a change to Ethereum’s issuance rules or supply schedule.
The value-capture argument: collateral versus fee burning
Chairman Tom Lee linked the accumulation strategy to comments by Ethereum co-founder Vitalik Buterin at Devcon in Mumbai: “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
Lee called the statement “a seismic shift” and argued that it clarified ETH’s role in what he described as a coming “supercycle of tokenization and AI.” He characterized ETH as “pristine and trusted collateral,” rather than a cash-flow token, and described Ethereum as the layer-1 network favored by financial institutions moving assets onchain. These were Lee’s assessments, not established outcomes.
In a subsequent X post, Buterin explained why he now viewed ETH primarily as a store of value. His reasoning included the view that fee burning was weaker than it had once appeared and that optimizing for it could conflict with decentralization. Lee presented that reasoning as consistent with Ethereum’s roadmap and its role in tokenization.
The broader treasury
As of November 8, Bitmine reported total holdings of $14.3 billion across crypto, cash and other investments. Alongside its ETH, those holdings included:
- 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 Bitmine described as a rare publicly traded proxy for indirect OpenAI exposure.
The report described Bitmine as the world’s largest Ethereum treasury and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy. According to the company release cited in the report, Strategy held about 849,327 BTC.
Bitmine had also recently argued that the muted market reaction to what the report described as the record Binance hack demonstrated growing crypto-market resilience. That was the company’s interpretation of the reaction.
Disclosure carried by Decrypt: Tom Lee is an investor in Dastan, Decrypt’s parent company.
Original source: Decrypt, published November 10, 2026, at 01:08:21 UTC+8.