---
title: "Bitmine purchases $30 million in ETH, reaching 6.04 million ETH holding"
language: en
canonical: "https://whycoinmoves.com/en/events/ethereum-42fcfa73d2eacc"
published: 2026-10-20T05:33:56.000Z
updated: 2026-10-20T07:49:11.000Z
indexable: false
---

# Bitmine purchases $30 million in ETH, reaching 6.04 million ETH holding

Attributed sources: [Decrypt](<https://decrypt.co/381311/tom-lee-bitmine-adds-30-million-ethereum-buying-nears-finish-line>)

## Key facts

Decrypt reports that Bitmine added $30 million of Ethereum, bringing its total to 6.04 million ETH, described as 4.9% of supply and 99% of the way toward its "Alchemy of 5%" target. Chairman Tom Lee reportedly characterized a market-wide selloff as an attractive entry point. These are company and outlet statements, not independently verified figures.
News evidence score: 30/100 from 1 publisher group(s) (Decrypt); this measures source completeness, not truth or causation.
After site detection, observed returns were 1 hour: -0.30% (difference from BTC -0.10 pp; 20/10/2026, 13:34 → 20/10/2026, 14:34, UTC+8; OKX · USDT). Unlisted windows are unavailable.
In the preceding 30 days, the 99th percentile of absolute hourly returns was 1.46% (OKX · USDT; cutoff 20/10/2026, 13:33, UTC+8). This hourly baseline is not directly comparable with a minute move.

## Returns after site detection

| Window | Return | BTC | Difference from BTC | Actual sampled interval (UTC+8) | Source |
| --- | --- | --- | --- | --- | --- |
| 5 minutes | — | — | — | — | — |
| 1 hour | -0.30% | -0.20% | -0.10 pp | 20/10/2026, 13:34 → 20/10/2026, 14:34 | OKX · USDT |
| 24 hours | — | — | — | — | — |

## Historical hourly baseline

| Metric | Value |
| --- | --- |
| Ready | true |
| Coverage | 99.9% (719/720) |
| Median absolute hourly return | 0.19% |
| 99th percentile of absolute hourly returns | 1.46% |
| BTC beta | 1.12 |
| Source / cutoff (UTC+8) | OKX · USDT / 20/10/2026, 13:33 |

## Claims and open questions

- Bitmine purchased $30 million in Ethereum, lifting its holding to 6.04 million ETH.
- The holding equals 4.9% of ETH supply and 99% of the firm's "Alchemy of 5%" goal, per Decrypt.
- Chairman Tom Lee framed a market-wide selloff as an attractive entry point, according to the report.
- Whether the $30 million purchase and the 6.04 million ETH total are confirmed by an official Bitmine disclosure, exchange records or on-chain data.
- The specific dates and execution details of the purchases behind the 4.9%-of-supply figure, which would require transaction-level or filing evidence.
- Whether Bitmine has disclosed a timetable or funding plan for the remaining portion of its 5% target.

## Source evidence

- [Tom Lee’s Bitmine Adds $30 Million in Ethereum as Buying Nears Its Finish Line](<https://decrypt.co/381311/tom-lee-bitmine-adds-30-million-ethereum-buying-nears-finish-line>) — Decrypt; published 19/10/2026, 23:13; received 20/10/2026, 13:33 (UTC+8).


## Recent ETH events and market reactions

- [JPMorgan extends JPM Coin deposit token to Ethereum](<https://whycoinmoves.com/en/events/ethereum-207a9e516d6a04>)
- [Ethereum Foundation announces Glamsterdam upgrade scheduled for Hoodi testnet](<https://whycoinmoves.com/en/events/ethereum-d567d644690346>)
- [Full coin archive](<https://whycoinmoves.com/en/coins/ethereum>)

[Methods and limitations](<https://whycoinmoves.com/en/methodology>)
Publisher count is not independent evidence count. Price changes cannot verify news or prove causation.