Ether’s rally adds $3.5 billion to BitMine’s balance sheet in seven days

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Tom Lee’s BitMine Immersion Technologies added 32,447 Ether last week. That takes its stash to 5,847,611 ETH, around 187,000 tokens shy of a 5% stake in Ethereum’s supply.

BitMine is the largest corporate buyer of the asset. Ether logged its biggest weekly increase in over a year.

BitMine buys 32,000 ETH a week toward the “Alchemy of 5%”

The amount of Ethereum in circulation is about 120.7 million tokens. That puts the 5% milestone at around 6.04 million ETH.

BitMine’s 5.85 million holdings account for about 4.84% of supply. The firm requires another 187,000 to cross the line Lee has branded the “Alchemy of 5%.”

If the buying continues at a recent pace of about 32,000 ETH per week, that difference could close in a couple of months. The timeline stays subject to board discretion and market conditions.

Lee’s team has bought Ether every week, without a break, since it kicked off its Ethereum Treasury Strategy on June 30, 2025.

Hitting the 5% target would hand BitMine no say in the network. Owning 6.04 million ETH grants no control over Ethereum’s transactions, upgrades, or governance.

Ether’s re-rating drives a $3.5 billion week

BitMine said its total holdings of crypto, cash, and equity were $14.9 billion as of August 24, up from $11.4 billion a week earlier.

Most of the $3.5 billion swing was due to a re-rating of Ether. The company pegged its ETH at a reference price of $2,440 from Coinbase, versus $1,893 a week ago.

That price move, on some 5.85 million tokens, was responsible for most of the gain. Ether was trading just below $2,500, up 31.5% over seven days and outpacing a 24% advance for Bitcoin.

“This is the largest weekly gain since May 2025; prior to that, it was July 2021,” said Lee. “In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH.”

BitMine’s balance sheet carries 210 Bitcoin, a $180 million stake in MrBeast’s Beast Industries, and an $89 million position in Eightco Holdings, which trades on the Nasdaq under the ticker ORBS.

The last two investments are the ones the company calls its “moonshot” bets. Cash and marketable securities surged to $308 million from $78 million a week earlier.

The firm finances a portion of its weekly buying with a Series A Perpetual Preferred traded on the NYSE as BMNP. It pays a 9.50% coupon in weekly cash dividends.

On June 10, 2026, BitMine priced it at $80 a share, raising about $273.8 million. Backers listed by the company include Cathie Wood’s ARK Invest, Founders Fund, Pantera Capital, Kraken, and Galaxy Digital.

BMNR was trading near 52-week lows, Cryptopolitan reported on July 13. The stock’s market value was less than the value of the company’s Ether.

It had an unrealized loss of about $9 billion with an average cost of around $3,997 per token. That report also noted that BitMine’s weekly buys were slowing at the time, from 42,197 ETH to 27,801 in a week.

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