Bitmine Immersion Technologies pressed on with its weekly Ethereum purchases, adding 12,535 ETH for roughly $30 million even as a market-wide selloff dragged down crypto prices and the company approached the final stretch of its accumulation plan.

In a Monday announcement, the NYSE-listed firm disclosed that its holdings have grown to 6,041,481 ETH, worth approximately $14.3 billion at a reference price of $2,365 per coin. The stash equals 4.9% of Ethereum's 122.1 million token supply, putting Bitmine—by its own count—99% of the way toward its goal of owning 5% of the network, an objective it dubs the "Alchemy of 5%" and one it reached in just 15 months. By that arithmetic, roughly 63,500 ETH separate the company from the 5% line.

The purchase extends an accumulation streak that has run without interruption since Bitmine launched its strategy on June 30, 2025, with Ethereum added every week since. Chairman Tom Lee has said the company is nearly finished stacking and will halt purchases once it crosses the 5% threshold, meaning upcoming weekly announcements could mark the end of the buying program. (Disclosure: Tom Lee is one of several investors in Dastan, Decrypt's parent company.)

The latest buy lands with the firm sitting on paper losses, a byproduct of building much of its position last year at elevated prices while ETH now trades well below its highs. The $14.3 billion figure is a mark-to-market valuation pegged to a reference price, so the reported worth of the stash shifts as ETH trades.

Lee attributed the recent weakness in crypto to a broad contraction in risk appetite, pointing to concerns over AI funding and model safety, escalating U.S.-Iran tensions, midterm-election jitters, and rising global bond yields. He argued that selloffs in AI and semiconductor stocks in markets such as Korea and Taiwan—where crypto is widely held—spilled over into digital assets, and described the dip as a historically attractive risk-reward entry point so long as fundamentals remain strong.

Counting cash, other tokens, and what the company calls "moonshot" investments, Bitmine's total holdings reached $15.1 billion as of Oct. 18. The tally includes 215 Bitcoin, $582 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $74 million position in Eightco Holdings, which the firm bills as a rare public proxy for indirect OpenAI exposure.

Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy, which holds about 848,250 BTC. Strategy's playbook of holding Bitcoin on a public balance sheet popularized the corporate crypto treasury model Bitmine has applied to Ethereum. Strategy recently added another $22 million in Bitcoin while buying back preferred stock.

Separately, Bitmine has staked 5,067,309 ETH—about 84% of its holdings—through its MAVAN platform, with projected annualized revenue of roughly $309 million. Staking locks ETH to help operate the network in exchange for rewards, turning a large slice of the treasury into a yield-generating position even as its market value fluctuates.