Bitmine Immersion Technologies purchased another 65,000 ETH last week for approximately $139 million, pushing its total holdings past 4.6 million tokens — 3.86% of Ethereum's circulating supply. The company needs about 1.4 million more ETH to hit its stated 5% target, which would require roughly $2.9 billion at current prices of around $2,130.
Unrealized losses meet bullish rhetoric
Chairman Tom Lee simultaneously declared the end of a "mini crypto winter," pointing to ETH's 18% gain during the Iran conflict, which outperformed equities by 2,450 basis points. But Bitmine's paper losses run into hundreds of millions, and its stock has cratered 80% in a month. The company holds $1.1 billion in cash, plus shares in Beast Industries and Eightco Holdings. Buying more while underwater may reflect conviction — but it also raises the cost of ever walking away.
The fragile case for ETH as war hedge
Lee argues ETH is proving its value as a wartime store of value. Gold fell more than 15% over the same period. Yet a few weeks of relative outperformance do not overwrite decades of gold's safe-haven status. ETH remains more than 55% below its August 2022 peak of $4,946. "Outperforming" is a relative term when absolute losses are still severe.
5% supply target: a moving goalpost
Ethereum has no fixed supply cap. Its circulating supply expands or contracts depending on the balance between issuance and burn. That means the 5% line Bitmine is chasing shifts as network activity changes. Calling it a precise milestone overstates the stability of the metric. Meanwhile, Bitmine has staked over 3 million ETH, limiting its ability to liquidate quickly if funding needs arise.
Standard Chartered weighs in
Standard Chartered analysts noted that while many companies adopted crypto treasury strategies in 2025, not all will survive long-term competition; some may be forced to pivot or exit. Bitmine holds the largest ETH stash among institutions, far ahead of runner-up SharpLink Gaming with just 863,000 ETH. Leadership does not guarantee safety — the bigger the position, the bigger the potential market impact.