The short version
- Bitmine Ethereum holdings reached 6,060,506 ETH on November 1, 4.96% of the 122.2 million ETH supply, and Lookonchain tracked another 5,000 ETH on Monday.
- The weekly buys are shrinking, from 12,535 ETH in mid-October to 8,573 last week, so the last 44,000 ETH (about $100 million) to 5% could take around five more weeks.
- Next: Bitmine’s next weekly update on Monday, November 9, and whether Ethereum holds $2,174. We’ll post the new total on Base Camp on X when it lands.
Bitmine Ethereum holdings reached 6,060,506 ETH on November 1, the company said in its weekly update on Monday. That is 4.96% of the 122.2 million ETH in existence. Tom Lee’s firm added 8,573 ETH last week and says it is “99% of the way” to its “Alchemy of 5%”, the goal of owning 5% of Ethereum.
The last stretch is coming in slowly. Bitmine’s weekly buys have shrunk two weeks running, from 12,535 ETH in mid-October to 8,573 last week. So how far is the finish line?
Lookonchain spotted one more purchase hours after the release:
Tom Lee (@fundstrat)'s #Bitmine bought another 5,000 $ETH ($11.22M) 6 hours ago.
Bitmine now holds 6.065M $ETH ($13.7B), 4.96% of the total supply.
arkm.com/explorer/entit…
Bitmine Ethereum Holdings: How Close Is 5%?
About 44,000 ETH, or roughly $100 million at today’s price. Five percent of 122.2 million is 6.11 million ETH. With the 5,000 ETH ($11.22 million) Lookonchain tracked on Monday, Bitmine sits near 6,065,500 ETH.
At last week’s pace of 8,573 ETH, that gap closes in about five weeks, around the second week of December. That is our arithmetic, not a Bitmine date. Bitmine has said it expects to get there in 2026, and it has bought Ethereum every week since it started on June 30, 2025.
Most of the pile is working. Bitmine has 5,227,037 ETH staked, 86% of what it holds, through its own MAVAN validator network. It puts the yearly staking income at about $358 million today.
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Bitmine Ethereum Purchases Keep Getting Smaller
Bitmine Ethereum holdings grew by just 31,560 ETH over the last three weeks, and the weekly 8-K filings show the slowdown clearly.
In dollars the drop is sharper. Last week’s buy was worth about $19 million at Bitmine’s $2,261 price, against roughly $32 million in the week to October 11.
Some of the money went into Bitmine’s own stock instead. In the week to October 25 it bought back 2.04 million shares at an average of $22.48, about $46 million, close to twice what it spent on Ethereum that week. It has bought back 22.9 million shares for $399.6 million so far in 2026, which it calls the largest buyback any crypto treasury company has done. Monday’s release did not mention any new buyback.
The rest of the balance sheet barely moved: 216 BTC, $498 million in cash and securities, and stakes in Beast Industries ($180 million) and Eightco ($82 million), for $14.5 billion in total.
SIDE TRAIL: Ethereum ETF Outflows Hit $1.61B in October, Their Worst Month of 2026
Ethereum Price: Can ETH Hold Above $2,174?
So far, yes. Ethereum trades at $2,255 at the time of writing, down 16% in 30 days and below its 50-day moving average at $2,508. The floor is $2,174, the October 30 low, with the 200-day average just under it at $2,158. A move back above $2,527 would turn the trend up again.
Tom Lee’s Ethereum view hasn’t changed. He spent most of Monday’s release on the $6.3 billion Binance theft, saying Ethereum’s 4% drop since then is a “muted” reaction compared with the 20% slide in the week after the Bybit hack in February 2025. Bitmine keeps buying either way, just in smaller pieces.
TRAIL MAP: Bitcoin Treasury Companies Selling: Seven Firms Sold Every Coin, and We Checked the Filings
The next weekly update lands on Monday, November 9. If it shows another 8,000 to 10,000 ETH, Bitmine crosses 4.97% and the 5% mark becomes a December story.
Satoshi Flipper has more than 20 years of trading experience, starting in stocks before moving into crypto in 2017, and holds an MBA from the Kellogg School of Management. The edge is reading the economic data: rate decisions, inflation, jobs numbers, earnings and the US markets that move Bitcoin.
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