Bitmine Immersion Technologies bought an additional 15,112 ethereum, raising its total holdings to 6,016,414.

Blockchain outlet Decrypt reported on Oct. 5 that the stake equals about 4.9% of ethereum’s total supply of 122.1 million. The company’s “Alchemy of 5%” target is now 99% achieved.

The purchase was worth about $41 million. Bitmine put the value of its ethereum holdings at about $16.4 billion, based on $2,726 per ether. The company has bought ethereum every week since starting its financial strategy on June 30, 2025, and kept buying this week. That puts it within sight of its target after 15 months.

Tom Lee (톰 리), Bitmine’s chairman, said he believes a crypto bull market is underway. He said ethereum outperformed the S&P 500 by 6,832 basis points this quarter despite macro headwinds. He argued ethereum returns beat other macro assets by a wide margin even as the U.S. Federal Reserve maintained a hawkish stance, oil prices surged and global government bond yields rose.

Lee also said Bitmine performed better than ethereum even during a bear-market phase in 2025 to 2026. The company said BMNR fell 3% in the first nine months of 2026, while ethereum dropped 10%.

Total holdings, including cash, other tokens and so-called “moonshot” investments, stood at $17.4 billion as of Oct. 4. That included 214 bitcoin, $643 million in cash and liquid securities, $180 million in a stake in Beast Industries and $117 million in a stake in Eightco Holdings. Bitmine classified Eightco as one of the rare listed stocks that provide indirect exposure to OpenAI.

Its ethereum management structure has also moved into a monetisation stage. Bitmine is staking about 84% of its holdings, or 5,067,309 ether, through its MAVAN platform. The company put its annualised expected revenue at about $363 million.

Against that backdrop, Bitmine remains the world’s largest corporate holder of ethereum in treasury reserves, and ranks second among corporate crypto treasury holders after Strategy. Strategy holds about 847,666 bitcoin and resumed buying bitcoin after recently posting a third-quarter profit of $21 billion. Metaplanet sold 10,000 bitcoin and then bought again to highlight its treasury management structure.

Bitmine’s recent moves are evolving into a strategy that goes beyond simple accumulation, aiming to raise its share of ethereum holdings while securing staking income at the same time. As a result, market attention is focused on whether the company will actually exceed the 5% threshold of ethereum supply, and how much its large holdings and staking will translate into financial performance.