Bitmine’s Ethereum Holdings Reach Record 5 Million Tokens–CEO’s Bullish Outlook

TL;DR

Bitmine Immersion Technologies has reached a record 5,078,386 Ethereum tokens, valued at $2,369 each. The company aims to acquire 5% of the total Ethereum supply.

Key points

Bitmine holds 5,078,386 Ethereum tokens
Total crypto-related positions reach $13.3 billion
Company aims for 5% of Ethereum supply
Accumulation speed described as astonishing
Milestone reached in roughly 10 months

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Bitmine Immersion Technologies

Bitmine Immersion Technologies, the second-largest public crypto holding company, provided a detailed update on its Ethereum (ETH) strategy on Monday, along with broader figures covering its crypto portfolio, including total holdings and so-called “moonshots.”

The company said its combined crypto-related positions now reach $13.3 billion, while the key focus for investors remains its Ethereum accumulation, which it says has hit a new high.

Bitmine Targets 5% Of Ethereum Supply

According to Bitmine’s disclosure, its ETH holdings have reached a record 5,078,386 tokens at $2,369 per ETH. Thomas Lee, the company’s Chairman, emphasized that the milestone was reached during the past week, noting that Bitmine “crossed 5 million this past week.”

He framed it as an important step toward a longer-term objective: acquiring 5% of the Ethereum supply. In his remarks, Lee said the speed of accumulation has been “astonishing,” with Bitmine reaching the 5 million mark in roughly 10 months.

Lee also pointed to research that supports the idea of Ethereum as a “store of value.” He cited recent reports, including a study by Etherealize, arguing that ETH could increasingly be held as collateral as digital assets become more involved in financial transactions.

In his view, Ethereum’s recent performance since the Iran War began has helped demonstrate that role. Lee claimed ETH has outperformed the S&P 500 by 1,696 basis points since the war started, and he added that Ethereum remains the single best-performing asset in the world, aside from crude oil prices.

He argued this dynamic reinforces the idea of ETH as a particularly resilient asset in “war-time,” portraying it as both meaningful and distinctive relative to other holdings.

Beyond valuation and performance, Lee connected Ethereum’s momentum to two larger trends. He said Ethereum benefits from Wall Street tokenizing activity on the blockchain, and also from the rise of agentic artificial intelligence (AI) systems that, in his framing, increasingly require public and neutral blockchains.