BitMine Immersion Technologies (NYSE: BMNR), an Ethereum reserve company helmed by well-known Wall Street analyst Tom Lee, continues to increase its holdings of ETH! The company announced that it purchased an additional 9,587 ETH in the past week, which was worth approximately US$20 million based on the prevailing market conditions, bringing the total holdings to 6.07 million, equivalent to 4.97% of the total supply of Ethereum, and only about 40,000 ETH short of the goal of "hoarding 5% of the entire network's ETH".
Tom Lee also quoted Ethereum co-founder Vitalik Buterin’s latest views on the value storage function of ETH, believing that asset tokenization andArtificial Intelligence (AI)It will drive the next industrial “super cycle”.
BitMine holds 6.07 million ETH, just 40,000 short of the 5% target
According to BitMine’s filing with the U.S. Securities and Exchange Commission (SEC) on November 9Official announcement, as of November 8, the company held 6,070,092 ETH, equivalent to 4.97% of Ethereum’s approximately 122.2 million ETH supply.
Based on the “Alchemy of 5%” goal set by BitMine, the company is currently only about 39,908 ETH away from its goal of 6.11 million ETH.
Tom Lee said in the announcement: "In the past week, we purchased 9,587 ETH. Since launching the Ethereum reserve strategy on June 30, 2025, BitMine has continued to purchase ETH every week."
The company’s crypto assets, cash, securities and other strategic investments totaled approximately $14.3 billion as of November 8. In addition to a large amount of ETH, it also included 216 Bitcoins, $475 million in cash and marketable securities, and investments in Eightco Holdings and Beast Industries.
Vitalik: "ETH is a store of value and a currency."
Another highlight of this announcement is Tom Lee quoting Vitalik Buterin’s speech at the Devcon 8 conference in Mumbai, India.
According to BitMine’s official announcement, Vitalik said, “I finally made up my mind:ETH is a store of value, ETH is the currency. "Tom Lee responded: "In my opinion, this is a major change."
He believes that Vitalik’s latest statement will help clarify how ETH will accumulate its economic value in the future asset tokenization and AI super cycle.
Lee further pointed out that ETH should not be measured purely by transaction fee income or token destruction, but should value its role as a trustworthy collateral, a store of value asset, and a blockchain infrastructure used by traditional financial institutions.
"In my opinion, ETH is not a 'cash flow' token model like HYPE or LIT, but a pure and trustworthy mortgage asset; this also reflects that in the eyes of many financial institutions that migrate assets to the blockchain, Ethereum is their preferred Layer 1 (underlying blockchain) platform." Lee added.
More than 5.22 million ETH have been pledged, with an estimated annualized income of US$309 million.
In addition to continuing to hoard coins, BitMine is also actively converting ETH into assets that can generate income. According to the company's disclosure, a total of 5,227,037 ETH are currently pledged, accounting for approximately 86% of the overall holdings, valued at approximately US$11.7 billion based on the price announced on November 8.
Based on the staking yield of 2.65% in the past seven days as of November 8, the estimated annualized return of BitMine’s existing staking positions is approximately US$309 million.
Tom Lee said that if all ETH holdings are pledged in the future, the estimated annualized income can increase to approximately US$359 million.
The company has launched its own verification node platform MAVAN (Made in America Validator Network) this year. In addition to managing its own Ethereum holdings, it has also gradually provided pledge infrastructure to institutional investors and custodian service providers.
ETH drops to around $2,113, BitMine’s currency hoarding strategy enters next stage
According to the latest market inquiry from CoinGecko,ETH It was trading at $2,112.81, down about 5.3% in the past 24 hours, with a circulating market value of about $258.19 billion.
At this price estimate, the market value of the 6.07 million ETH held by BitMine is approximately US$12.826 billion, highlighting the high sensitivity of the company's asset value to Ethereum price fluctuations.
Tom Lee, on the other hand, announced as early as Octoberexpress, once BitMine reaches the goal of holding 5% of the entire network's ETH, it will end the continuous purchase phase and turn to using the existing position size to create income.
As the latest holdings approach the target, the market will next pay attention to whether BitMine will stop weekly accumulation of holdings, and whether it can convert its huge ETH reserves into a more stable source of income through MAVAN staking business in the future.
For the ETH market, BitMine's follow-up strategy is particularly worthy of attention: when the largest corporate buyer gradually approaches the established position limit, its incremental buying may slow down, but the huge ETH reserves that have been purchased will continue to affect the market supply and demand structure.
〈BitMine buys more than 9,500 more ETH! Just one step away from the goal, Tom Lee is optimistic about the AI and tokenization super cycle〉This article was first published inBlock Guest》.
