Hassan Maishera
TL;DR
-
Bitmine Immersion Technologies purchased 32,447 ETH last week, worth approximately $81 million at an Ether price of $2,500.
-
The acquisition increased Bitmine’s treasury to 5.85 million ETH, valued at roughly $14.6 billion.
-
Its holdings represent approximately 4.8% of Ethereum’s 120.7 million-token supply.
Bitmine Accelerates Ethereum Purchases
Bitmine Immersion Technologies increased the pace of its Ethereum accumulation last week, purchasing an additional 32,447 ETH.
The acquisition was worth approximately $81 million based on Ether’s Monday price of around $2,500.
The latest purchase raised Bitmine’s holdings to 5,847,611 ETH, giving the company a cryptocurrency treasury valued at approximately $14.6 billion.
Bitmine shares gained around 3.5% in premarket trading as ETH climbed above $2,500.
The company, chaired by Fundstrat co-founder Tom Lee, is the largest corporate holder of Ethereum.
Bitmine’s treasury now represents approximately 4.8% of Ethereum’s total supply of 120.7 million tokens.
The company has set a target of owning 5% of the cryptocurrency’s supply. At the current supply level, reaching that goal would require Bitmine to hold approximately 6.04 million ETH.
Its present balance leaves the company roughly 187,000 ETH short of the target. At $2,500 per token, acquiring the remaining amount would cost approximately $467.5 million.
The actual number of ETH required could change as Ethereum’s supply fluctuates. Bitmine had slowed its purchases in recent months as it moved closer to its 5% ownership target.
However, Lee said the company has continued adding Ethereum every week since launching its treasury strategy in June 2025.
Last week’s 32,447 ETH purchase marked an acceleration from the more modest additions made during recent weeks.
The increased buying coincided with a wider cryptocurrency recovery that pushed Ether approximately 30% higher over seven days.
Tom Lee Expects Ethereum Rally to Continue
Lee believes Ether’s recent price increase could represent the beginning of a larger move.
He pointed to two previous occasions when ETH gained more than 30% within one week.
Following a similar rally in July 2021, Ether subsequently gained 167%, according to Lee. The cryptocurrency rose another 170% after its May 2025 weekly surge.
“In those two precedent instances, this weekly gain of more than 30% signaled a launch point for a larger move in ETH,” Lee said.
However, historical performance does not guarantee that Ether will produce similar gains following its latest rally.
Lee identified improving financial conditions as a potential catalyst for further Ethereum gains.
He also expects Wall Street’s growing use of blockchain technology to tokenize traditional assets to support demand for the network.
Tokenization involves representing financial instruments or other assets as digital tokens on a blockchain.
Lee believes blockchain-based transactions initiated by artificial intelligence agents could provide another source of network activity.
According to his outlook, these trends could help Ether outperform Bitcoin and increase the ETH-to-BTC ratio.
Bitmine Stakes 87% of Its Ethereum Treasury
Bitmine has deployed most of its Ethereum holdings through staking rather than leaving the assets idle.
The company has staked approximately 5.07 million ETH, representing about 87% of its treasury.
Staking allows Bitmine to earn rewards by committing ETH to support Ethereum’s proof-of-stake network.
At current yields, the company projects approximately $330 million in annualized staking revenue.
This estimate could change with the price of ETH, validator performance, network participation and staking reward rates.
Bitmine’s strategy combines continued ETH accumulation with staking income as it approaches its goal of controlling 5% of Ethereum’s supply.
