BitMine Immersion Technologies increased its ether holdings to 6,041,481 by buying an additional 12,535.

On Oct. 19, blockchain media outlet Decrypt reported that the amount is about 4.9% of ether’s total supply of 122.1 million. It puts BitMine at about 99% of its “Alchemy of 5%” target of securing 5%.

The purchase was worth about $30 million. The company valued its ether holdings at about $14.3 billion based on an ether price of $2,365. Total assets, including cash and other tokens and so-called “moonshot” investments, were tallied at $15.1 billion as of Oct. 18.

BitMine has bought ether every week since starting its ether treasury strategy on June 30, 2025. BitMine Chairman Tom Lee (톰 리) has said the company is close to completing its accumulation and will stop additional purchases once its holdings reach 5%.

Recent market adjustments have increased the burden from valuation losses. BitMine accumulated a significant amount last year at higher prices, and ether is now trading below its peak. Still, Lee viewed the recent weakness as stemming from an expansion in risk-off sentiment rather than structural damage.

Lee cited worries about AI investment and model safety, rising tensions between the United States and Iran, caution around the midterm elections, and rising global sovereign bond yields as factors behind recent crypto weakness. He also said the impact of sharp declines in AI and semiconductor-related stocks in markets with widespread crypto ownership such as South Korea and Taiwan spilled over into digital assets. He assessed the current pullback as a “risk-return entry zone” occurring while fundamentals remain intact.

BitMine also disclosed its asset mix. It holds 215 bitcoin, $582 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $74 million stake in Eightco Holdings.

Its ether strategy is also continuing. BitMine is staking 5,067,309 ether, or about 84% of its total holdings, through its MAVAN platform. The company projected annualised revenue of about $309 million based on this.

BitMine maintained its position as the world’s largest corporate holder of ether as a treasury asset. Among companies holding crypto as a treasury asset overall, it ranks second behind Strategy, which holds about 848,250 bitcoin. Strategy also recently bought an additional $22 million worth of bitcoin while buying back preferred shares.

Even as market volatility increased, BitMine did not slow the pace of its ether purchases. The remaining points to watch are whether it will halt purchases after actually reaching its 5% holding target, and how stably its large staking assets will function as a revenue base.