Bitmine Immersion Technologies is now within touching distance of a goal few thought a public company could reach. In a filing on Monday, Bitmine said it held 6,070,092 ETH as of November 8, equal to 4.97% of Ethereum’s 122.2 million token supply.
The company added 9,587 ETH in the latest week. That keeps an unbroken run of weekly purchases going since its Ethereum treasury strategy began on June 30, 2025.
Five percent of the supply works out to about 6.11 million ETH. That leaves Bitmine roughly 39,900 ETH short of the target it calls the “Alchemy of 5%.”
What Bitmine Disclosed on November 9
The figures come from a press release Bitmine attached to an 8-K filing with the Securities and Exchange Commission. As of 2:00 p.m. ET on November 8, the company counted its ETH at a reference price of $2,234.
At that price, the ETH stack was worth about $13.6 billion. Bitmine put its total crypto, cash and investment holdings at $14.3 billion.
That total includes 216 bitcoin, $475 million in cash and marketable securities, a $180 million stake in Beast Industries and a $75 million stake in Eightco Holdings.
Staking is a big part of the story. Bitmine said 5,227,037 ETH, about 86% of its holdings, was staked as of November 8. Using a trailing seven-day yield of 2.65%, it projects annual staking rewards of about $309 million today, and $359 million once all of its ETH is staked.
Most of that staking runs through MAVAN, the Made in America Validator Network that Bitmine launched earlier this year. The company says the platform now also serves outside institutions, custodians and partners, not just its own treasury.
Bitmine has also grown into a mainstream stock. Its filing notes that it joined the Russell 1000 large-cap index on June 26, 2026, which puts its shares in front of a much wider pool of fund managers.
How Close Is Bitmine to Owning 5% of Ethereum?
The filings show a steady climb. Bitmine reported 5,742,237 ETH as of June 28, 2026. Since then it has added more than 327,000 ETH, according to its SEC disclosures.
If the company keeps adding around 9,600 ETH a week, simple math puts the 5% line about four weeks away. That is our arithmetic, not a company forecast, and the pace could change in either direction.
The supply also moves. Ethereum’s total count shifts as new ETH is issued and fees are burned, so the exact finish line drifts slightly from week to week.
The Weekly Buying Has Slowed
There is an honest caveat in the numbers. Bitmine’s weekly additions have shrunk steadily since late summer.
Comparing consecutive filings, the company added 53,501 ETH in the week to August 30. Through September, weekly additions ran between about 17,000 and 28,000 ETH. In October they slipped from about 15,100 to 10,500, and the first week of November brought roughly 8,600.
We read this as a company pacing itself near the finish line rather than stepping back. The latest week was slightly larger than the one before, and Bitmine has not missed a week.
Prices have also been working against the dollar value of the stack. ETH traded near $2,125 on Monday evening, down about 4.5% over 24 hours according to CoinGecko. At that price the holdings are worth about $12.9 billion, below the $13.6 billion reference figure in the filing.
Tom Lee Leans on Vitalik’s ‘ETH Is Money’ Comment
Chairman Tom Lee used the release to highlight comments by Ethereum co-founder Vitalik Buterin at Devcon in Mumbai. Lee quoted Buterin as saying, “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
“This declaration by the founder of Ethereum, in my view, is a seismic shift, clarifying how ETH will capture value in this coming supercycle of tokenization and AI,” Lee said.
He added that, in his opinion, ETH is not a cash flow token but “pristine and trusted collateral,” and the base layer most financial institutions are using to move assets onchain.
Why Bitcoin Holders Should Pay Attention
The language will sound familiar to anyone who holds bitcoin. Store of value and money are the ideas Bitcoin was built on, and they have now become the pitch for a second-largest crypto asset as well.
We believe that is a quiet win for Bitcoin’s original thesis. When a major network’s founder frames its token around scarcity and long-term value, it reinforces the case Bitcoin has been making since 2009.
The treasury race tells a similar story. Bitmine’s own release ranks it second among crypto treasuries worldwide, behind Strategy, which it says reportedly holds 849,327 BTC worth about $69 billion. That is roughly five times Bitmine’s total.
Bitmine even holds a small bitcoin position of its own. And the corporate playbook it follows, buying every week and reporting every week, is the one Strategy and newer players such as Strive made standard for bitcoin.
With bitcoin trading near $74,800 on Monday, the bigger point is that public companies keep building long-term crypto reserves through soft markets. In our view, that steady demand is one of the healthiest signals the market can send.
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