Bitmine adds 12,535 ETH, nears 5% supply target as crypto market weakens

Bitmine, a NYSE-listed company, added 12,535 ETH worth approximately $30 million on Monday, bringing its total holdings to 6,041,481 ETH (about $14.3 billion), or 4.9% of Ethereum's total supply. The purchase extends the firm's weekly buying streak that began on June 30, 2025, putting it 99% of the way to its self-styled "Alchemy of 5%" target. Chairman Tom Lee attributed the recent crypto market weakness to a broad risk-off shift driven by AI funding concerns, U.S.-Iran tensions, midterm election jitters, and rising bond yields, framing the price dip as a historically attractive entry point.