Bitmine bought 53,501 ETH, worth roughly $131 million, in its largest weekly purchase since June, lifting its holdings to 5,901,112 ETH. That amount equals 4.9% of Ethereum’s total supply and puts the company 98% of the way toward its “Alchemy of 5%” goal.

The buy extends a 65-week streak that began when Bitmine launched its treasury strategy on June 30, 2025. The company said its total holdings, including cash and other assets, reached $15.6 billion.

Bitmine Immersion Technologies accelerated its Ethereum purchases last week as chairman Tom Lee highlighted crypto’s strong third quarter. The NYSE-listed company said Monday that its Ethereum stash is now valued at about $14.8 billion, using a reference price of $2,511 per coin.

Bitmine said its holdings represent 4.9% of Ethereum’s total supply of 120.7 million tokens, leaving it, in its words, 98% of the way toward its target of controlling 5% of the network, a milestone it calls the “Alchemy of 5%.''

The latest purchase continues an uninterrupted pattern of accumulation. Bitmine has bought Ethereum every week since it launched its treasury strategy on June 30, 2025, even as some recent purchases had slowed to smaller amounts.

Lee said the top three performing assets since June 30 were Ethereum, Bitcoin, and Solana. He also said Ethereum has outpaced the S&P 500 by 5,430 basis points so far this quarter, pointing to that relative performance as one reason more institutional attention may be flowing into the asset class. (Disclosure: Tom Lee is one of several investors in Decrypt’s parent company Dastan.)

Including cash, other tokens, and what it describes as “moonshot” investments, Bitmine’s total holdings stood at $15.6 billion as of Saturday. That total includes 211 Bitcoin, $541 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $81 million position in Eightco Holdings.

Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy. Strategy this week ended its own two-month pause and bought about $370 million in Bitcoin in its first purchase since June. The move followed a rally that pushed Strategy’s 840,447 BTC to about $2.8 billion in paper profit after much of the summer spent below cost. Saylor’s company holds around $66 billion in Bitcoin, far more than Bitmine’s crypto stack.

Bitmine is also continuing to generate staking income. The company said 5,067,309 ETH, or about 86% of its holdings, are staked through its MAVAN platform, producing projected annualized revenue of roughly $335 million.

Lee also pointed to the mid-September Clarity Act vote as one of several potential catalysts heading into year-end.