Bitmine Immersion Technologies increased its ether treasury to 5.62 million ETH tokens, giving it control of 4.66% of the world's second-largest cryptocurrency, the company said Monday.
At $1,718 per ETH, the Ethereum treasury is worth roughly $9.66 billion, positioning Bitmine as the largest corporate ether holder globally and the second-largest corporate crypto treasury overall, trailing only Strategy's $54 billion bitcoin position, according to a statement.
The latest figure marks an increase of 76,881 ETH over the prior week and places Bitmine 93% of the way toward its stated "alchemy of 5%" target, representing 5% of ether's 120.7 million-token supply.
Chairman Tom Lee said the company is maintaining an elevated pace of buying, arguing the recent pullback in (ETH) prices does not reflect stronger fundamentals for the network.
"This is not surprising given we believe we are in the early stages of crypto spring," Lee said, adding that "Bitmine is expected to reach the 'alchemy of 5%' sometime in 2026."
