Tom Lee and Bitmine framed Ethereum as an AI and tokenization beneficiary as chip stocks slumped, while the company said its ETH treasury reached 96% of its “Alchemy of 5%” target.
Bitmine Immersion Technologies said it holds 5.77 million ETH, or 4.8% of Ethereum’s 120.7 million supply, putting it at 96% of its “Alchemy of 5%” goal after 12 months. Chairman Tom Lee has argued Ethereum is both a downstream AI asset and a beneficiary of Wall Street tokenization, saying AI systems will need trusted guardrails and that Ethereum could serve as a human-centered interface as agentic AI expands. Lee’s comments came as chip stocks sold off sharply, with the Philadelphia Semiconductor Index down 4.8% on the day and about 20% month to date, while reports said roughly $3.3 trillion had been wiped from global chip stocks since June 22. Bitmine also said its Series A preferred shares will trade on the NYSE under BMNP and that it was added to the Russell 1000 Large-cap Index on June 26, 2026. The company’s balance sheet remains under scrutiny because ETH was trading near $1,840 versus an average cost of about $3,997, implying an unrealized loss of roughly $9 billion, although Bitmine said staking about 4.92 million ETH at a 2.7% annualized yield could generate around $242 million a year.