Bitmine Immersion Technologies, a Norwalk-based firm that pivoted from Bitcoin mining to become the world’s largest corporate Ethereum holder, has achieved 92% of its “Alchemy of 5%” target after buying nearly 127,000 coins in a single week, according to a Monday announcement.
The purchase came during a period of weakness across the digital asset markets. Ether slid to $1,505 last week, marking its lowest level since April 2025, and Bitmine seized the opportunity to accumulate during the selloff.
“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we are in the early stages of crypto spring,” Thomas “Tom” Lee, Chairman of Bitmine, said in a statement.
Lee dismissed the recent crypto downturn as a largely superficial response to recent events, including a security flaw discovered in Zcash’s Orchard circuit that briefly rattled investor confidence before being patched. He argued that increasingly powerful AI systems will expose vulnerabilities across both centralized and decentralized platforms, ultimately increasing demand for battle-tested blockchain infrastructure like Ethereum.
The company continues to position Ethereum as a key beneficiary of two structural trends, including the tokenization of financial assets by traditional institutions and the growing requirement for public, neutral blockchain infrastructure to support AI-driven economic activity.
