Bitmine Immersion Technologies purchased 9,587 ether worth approximately $20 million, extending a weekly buying streak that has brought the firm’s total holdings to 6,070,092 ETH. The New York Stock Exchange-listed company said Monday that its stash is valued at roughly $13.6 billion based on a reference price of $2,234 per coin.

The latest acquisition leaves Bitmine with 4.97% of Ethereum’s 122.2 million token supply. The company stated it is now 99% of the way to achieving its self-described “Alchemy of 5%” goal, a target aimed at securing a significant portion of the network’s circulating tokens.

Citing Vitalik’s Shift

Tom Lee, a key figure behind Bitmine’s strategy, pointed to recent comments by Ethereum co-founder Vitalik Buterin as justification for the continued accumulation. At the Devcon conference in Mumbai, Buterin stated, “I’ve finally made up my mind, ETH is a store of value, ETH is money.”

Lee described Buterin’s declaration as a “seismic shift,” arguing that it clarifies how ether will capture value in what he termed a coming “supercycle of tokenization and AI.” He contended that ETH functions as “pristine and trusted collateral” rather than merely a cash-flow token. Buterin later elaborated on social media platform X, noting that fee-burning mechanisms are weaker than previously thought and that optimizing for them can conflict with decentralization goals.

Treasury Composition and Staking

Bitmine has purchased ether every week since launching its treasury strategy on June 30, 2025. The firm remains the world’s largest ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy, which holds about 849,327 bitcoin.

As of November 8, Bitmine’s total holdings were valued at $14.3 billion. This figure includes 216 bitcoin, $475 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $75 million position in Eightco Holdings. The company has staked 5,227,037 ETH, representing roughly 86% of its holdings, through its MAVAN platform. Bitmine projects annualized staking revenue of about $359 million from these assets.