Tom Lee’s Bitmine Adds $20M in Ethereum, Seizing on Vitalik’s 'ETH Is Money' Declaration
NYSE-listed Bitmine Immersion Technologies added 9,587 ETH worth roughly $20 million, extending its weekly buying streak and reaching 4.97% of Ethereum's total supply.
The NYSE-listed company announced Monday its Ethereum holdings reached 6,070,092 ETH, worth approximately $13.6 billion at a reference price of $2,234 per coin. This represents 4.97% of Ethereum's 122.2 million token supply, leaving Bitmine just 1% away from its 'Alchemy of 5%' goal.
Seismic Shift
Chairman Tom Lee emphasized Ethereum co-founder Vitalik Buterin's recent declaration that 'ETH is a store of value, ETH is money,' calling it a 'seismic shift.' Lee pointed to these comments as validation of Bitmine's accumulation strategy, which has seen the company purchase Ethereum every week since launching its treasury approach on June 30, 2025.
I've finally made up my mind, ETH is a store of value, ETH is money.
Treasury Holdings
Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy, which holds about 849,327 BTC. The company has staked 5.227 million ETH through its MAVAN platform, projecting annualized staking revenue of approximately $359 million.
Including cash, other tokens, and investments, Bitmine's total holdings stood at $14.3 billion as of November 8. The company also holds 216 Bitcoin, $475 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $75 million position in Eightco Holdings.
Related
