Bitmine’s Ethereum treasury reached 6,070,092 ETH after the company bought another 9,587 ETH in the preceding week, according to The Block’s report published on November 9, 2026, at 22:31:38 UTC+8.
The Tom Lee-chaired company’s holdings represented approximately 4.97% of Ethereum’s circulating supply, using a denominator of roughly 122.2 million ETH. That put Bitmine 99% of the way toward its “Alchemy of 5%” supply target, pursued since it began its Ethereum treasury strategy in June 2025.
Holdings and staking expand
At prices cited in the report, Bitmine’s ETH holdings were worth more than $12.9 billion. The latest weekly purchase was valued at approximately $20.3 million, although the company did not disclose its average acquisition price. That valuation should therefore not be read as its disclosed purchase cost.
As of November 9, Bitmine said it had staked 5,227,037 ETH, worth approximately $11.1 billion, or more than 86% of its ether holdings. Lee put annualized staking rewards at $309 million at the existing staking level and projected $359 million if the company’s ether holdings were fully staked. Those figures describe annualized rewards and a projection, not realized annual income.
Bitmine reported total crypto, cash, marketable securities and other investments of $14.3 billion. As of November 8, its other holdings included:
- 216 BTC, valued at $16.1 million;
- a $75 million stake in Eightco Holdings;
- a $180 million stake in Beast Industries;
- $475 million in cash and marketable securities.
Lee’s tokenization thesis remains an interpretation
In the company’s statement, Lee attributed the following declaration to Ethereum founder Vitalik Buterin at Devcon 8 in Mumbai: “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
Lee described that declaration as a “seismic shift” in his view, arguing that it clarified how ETH could capture value in a coming tokenization and AI “supercycle.” He also characterized ETH as trusted collateral rather than a “cash flow” token model like HYPE or LIT, and said Ethereum was the Layer 1 chosen by the vast majority of financial institutions moving assets onto blockchains. These are Lee’s assessments, not adoption measurements established by the report.
The measurable growth here is one company’s ETH accumulation and staking participation. The supplied figures do not establish growth in Ethereum users, institutional deployment, transaction activity or retention, nor do they demonstrate the durability of tokenization or AI demand.
Bitmine remained the largest Ethereum treasury holder and the second-largest public crypto treasury company overall. Michael Saylor’s Strategy ranked first, with 850,364 BTC, valued at $63.4 billion, following its latest weekly acquisition.
