Bitmine Immersion Technologies added another 9,587 ETH, worth roughly $20 million, extending its weekly buying streak while chairman Tom Lee cast Vitalik Buterin’s comments about ETH as support for the company’s accumulation strategy.
As reported by Decrypt on November 10, 2026, at 01:08:21 UTC+8, the NYSE-listed company said Monday that it held 6,070,092 ETH, valued at roughly $13.6 billion using a reference price of $2,234 per coin. The figures describe a historical snapshot, not current holdings or prices.
A concentration target nearly reached
Bitmine said its position represented 4.97% of Ethereum’s 122.2 million token supply. By the company’s calculation, that put it 99% of the way toward its goal of owning 5% of the network—a target it calls the “Alchemy of 5%”—after just 15 months.
The firm has purchased Ethereum every week since launching its treasury strategy on June 30, 2025. Those purchases document its commitment to the strategy; they do not, by themselves, establish the valuation case Lee advances for ETH.
From fee revenue to a monetary narrative
At the Devcon conference in Mumbai, Ethereum co-founder Buterin said: “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
Lee called that declaration “a seismic shift,” arguing that it clarified how ETH would capture value during what he described as a coming “supercycle of tokenization and AI.” He characterized ETH as “pristine and trusted collateral,” rather than a cash-flow token, and described Ethereum as the layer-1 network favored by financial institutions moving assets onchain.
In a subsequent X post, Buterin explained why he now viewed ETH primarily as a store of value. His reasoning included the view that fee-burning was weaker than it had once appeared and that optimizing for it could conflict with decentralization. Lee presented that reasoning as consistent with Ethereum’s roadmap and its role in tokenization.
The distinction matters: Buterin’s stated view supports a monetary framing for ETH, but it does not establish Lee’s anticipated tokenization-and-AI supercycle or validate Bitmine’s accumulation strategy. Those remain Lee’s interpretations.
Holdings and projected staking income
As of November 8, Bitmine reported $14.3 billion in total holdings, including its ETH, cash, other tokens and investments it labeled “moonshots.” The disclosed assets included:
- 216 Bitcoin;
- $475 million in cash and marketable securities;
- A $180 million stake in Beast Industries;
- A $75 million position in Eightco Holdings, which Bitmine promotes as a rare public proxy for indirect OpenAI exposure.
Bitmine remained the largest Ethereum treasury and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy. Bitmine’s release put Strategy’s holdings at about 849,327 BTC.
The company also reported 5,227,037 ETH staked through its MAVAN platform—roughly 86% of its ETH holdings—with projected annualized staking revenue of about $359 million. That figure is a projection, not realized annual income.
Bitmine had also recently argued that the muted market reaction to the record Binance hack demonstrated crypto’s growing resilience. Like the supercycle thesis, that was the company’s interpretation of events, rather than an independently established conclusion.
Source disclosure: Decrypt disclosed that Tom Lee is one of several investors in Dastan, its parent company.