Bitmine Nears 5% ETH Supply Target as Treasury Hits 5.78 Million Tokens

Tom Lee's Bitmine Immersion Technologies has made significant moves in its crypto and cash holdings, with its Ethereum (ETH) treasury now holding 5.78 million tokens. This represents a 4.8% stake of the total ETH supply, putting the company within reach of its long-stated goal of controlling 5% of all ether in circulation.

The Norwalk, Connecticut-based company's total holdings now stand at $11.5 billion, with its cash and marketable securities adding $385 million to that figure. Bitmine has purchased ETH every week since launching its treasury strategy on June 30, 2025, with the pace of buys slowing down recently due to a share buyback program.

The company has repurchased approximately 5.5 million shares of its own common stock over the past week at an average price of $15.6156, under a previously authorized $4 billion buyback program. Chairman Tom Lee explained that this purchase is accretive to shareholder value, and the company remains the largest publicly traded company by the amount of ETH held on its balance sheet.