Ethereum treasury firm Bitmine Immersion Technologies moved closer to its goal of owning 5% of the network's supply this week, adding roughly $32 million in ETH and disclosing $16.2 billion in total holdings, while Chairman Tom Lee said the firm's accumulation is nearly complete.

Bitmine Immersion Technologies (NYSE-BMNR) acquired 12,532 ETH over the past week, a purchase worth approximately $31.9 million at the $2,544 per-token price the company used to value its holdings, the firm said Monday. The buy lifted Bitmine's total holdings to 6,028,946 ETH.

The stash now represents 4.9% of Ethereum's total 122.1 million token supply, leaving the firm 99% of the way to its stated goal of owning 5% of the network's supply, a target the company calls the "Alchemy of 5%." Bitmine is part of a cohort of digital asset treasury firms—public companies that hold crypto on their balance sheets—whose buying Lee has cited as one of the forces absorbing Ethereum supply.

In a press release announcing the update, Chairman Tom Lee claimed the firm's "track record of consistent buying of crypto is unmatched by any public company in the world."

Bitmine valued its ETH at $2,544 per token and put its total crypto, cash and investment holdings at $16.2 billion as of October 12. Alongside the Ethereum position, that figure includes 214 BTC, $612 million in cash and marketable securities, a $180 million stake in Beast Industries and an $85 million stake in Eightco Holdings.

The company shared the holdings breakdown in a post on X:

🧵 1/ BitMine provided its latest holdings update for October 12, 2026

$16.2 billion in total crypto + "moonshots":

• 6,028,946 ETH at $2,544 per ETH (per @coinbase )
• 214 Bitcoin (BTC)
• $180 million stake in Beast Industries @MrBeast
• $85 million stake in Eightco Holdings…

— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) October 12, 2026

Monday's disclosure follows a $41 million ETH purchase the week before, as previously reported, part of the weekly cadence of holdings updates the company has used to mark its progress toward the 5% goal.

The firm has staked 5,067,309 ETH—roughly 84% of its total stash—which Lee said generates annualized staking revenue of about $336 million. Staking involves locking tokens to help secure the Ethereum network in exchange for rewards, meaning that income accrues on coins the firm already holds rather than depending on further purchases.

'Done stacking'

In his monthly Chairman's message, released last week, Lee indicated the accumulation phase is close to its end, saying Bitmine needs "about 100,000 more ETH, and that's about it." He has previously said the firm's Ethereum buying will stop entirely once it reaches the 5% threshold, leaving the firm's weekly disclosures as the tracker for when accumulation ends and its focus shifts to earning yield on the stash it already holds.

"Now we're done stacking while a bull market is starting," Lee said in the video message. "So if we're done stacking, but ETH goes up a lot, you can imagine that we'll outperform Ethereum."

Lee framed the coming crypto bull market as "the biggest bull market we've ever seen," citing tokenization, a generational wealth transfer to younger investors, supply being absorbed by digital asset treasury firms, and AI agents using crypto wallets.

He said Bitmine shares, which were trading around $26 at the time, are 90% correlated with ETH, and projected that ETH reaching $22,000 would put the stock in a range of $300 to $500.

Lee also highlighted Bitmine's 9.5% perpetual preferred stock, ticker BMNP, which was issued at $80 in June and last closed at $99.53, according to the release.