Bitmine Immersion Technologies added 9,587 ETH worth roughly $20 million, extending a weekly buying streak that began with its Ethereum treasury strategy on June 30, 2025, according to Decrypt’s report published November 10, 2026, at 01:08:21 UTC+8.
The NYSE-listed company said Monday that its holdings had reached 6,070,092 ETH, valued at roughly $13.6 billion using a reference price of $2,234 per coin. That represented 4.97% of Ethereum’s 122.2 million-token supply. By Bitmine’s calculation, it was 99% of the way to its goal of owning 5% of the network after just 15 months—a target it calls the “Alchemy of 5%.”
Lee links accumulation to ETH’s monetary role
Chairman Tom Lee pointed to comments by Ethereum co-founder Vitalik Buterin at Devcon in Mumbai as support for Bitmine’s strategy. Buterin said: “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
Lee called the statement “a seismic shift.” He argued that ETH serves as “pristine and trusted collateral,” rather than a cash-flow token, and linked that role to what he described as a coming “supercycle of tokenization and AI.” He also characterized Ethereum as the layer-1 network favored by financial institutions moving assets onchain.
Those are Lee’s assessments, not evidence that a market supercycle is assured. The report documents Bitmine’s accumulation; it does not establish that the purchases or Buterin’s remarks caused a price move.
In a subsequent X post, Buterin explained why he now views ETH primarily as a store of value. His reasoning included the view that fee-burning is weaker than it once appeared and that optimizing for it can conflict with decentralization. Lee presented that reasoning as consistent with Ethereum’s roadmap and its role in tokenization.
Decrypt disclosed that Lee is one of several investors in Dastan, its parent company.
Treasury size and staking exposure
As of November 8, Bitmine reported total holdings of $14.3 billion, including its ETH, cash, other tokens and investments it describes as “moonshots.” The holdings 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 describes as a rare public proxy for indirect OpenAI exposure.
The report identified Bitmine as the world’s 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.
Bitmine 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 revenue figure is a projection, not a realized annual result.
Separately, the company had recently argued that the muted market reaction to the record Binance hack demonstrated growing crypto-market resilience. That interpretation was Bitmine’s; the reported reaction alone does not establish the broader claim.
Original article: Decrypt — published November 10, 2026, at 01:08:21 UTC+8.
