CoinDesk
Bitmine Immersion Technologies bought 53,501 ETH last week, worth about $131.3 million at Monday's ether price of $2,455, its largest weekly purchase since June. The buy lifted the company's holdings to 5,901,112 ETH, roughly 4.9% of Ethereum's 120.7 million token supply, putting its self-imposed 5% target within reach at about 134,000 ETH away.
Why it matters
The pickup marks a sharp reversal from July and August, when weekly buys fell below 10,000 ETH several times as Bitmine eased off the accelerator near its target. Chairman Tom Lee tied the renewed pace to ether's 55% August rally and bitcoin's 34% gain, both running ahead of U.S. equity benchmarks. "We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far," Lee said. He also flagged a potential U.S. market-structure bill vote in September, renewed demand from Korean retail, and longer-horizon tailwinds from tokenization and blockchain use by AI agents.
Market impact
Bitmine has now bought ETH for 65 consecutive weeks since launching its Ethereum treasury strategy in June 2025. About 5.07 million of those tokens, or 86% of holdings, are staked, with the company projecting roughly $335 million in annualized staking revenue at current yields. With the 5% milestone now in sight, the next leg of accumulation is likely to draw fresh attention to staking yield dynamics, and any slip in execution that slows the run to the threshold would be a sentiment tell in its own right.
Frequently asked questions
-
How much ETH did Bitmine buy last week?
Bitmine bought 53,501 ETH last week, worth about $131.3 million at Monday's price of $2,455 per ether. It was the company's largest weekly purchase since June.
-
How close is Bitmine to its 5% Ethereum supply target?
Bitmine now holds 5,901,112 ETH, or roughly 4.9% of Ethereum's 120.7 million token supply. The 5% threshold sits at about 6.04 million ETH, leaving the company around 134,000 tokens short.
-
What did Tom Lee say about crypto's Q3 performance?
Lee said ether's 55% August rally and bitcoin's 34% gain, both outperforming U.S. stock indexes, set up a fresh bid from institutional investors. He also flagged a potential September vote on a U.S. market-structure bill and renewed demand from Korean retail as near-term catalysts.
-
How much of Bitmine's ETH is staked?
About 5.07 million ETH, roughly 86% of Bitmine's holdings, is currently staked. The company projects approximately $335 million in annualized staking revenue at current yields.
-
How long has Bitmine been accumulating ETH?
Bitmine has bought ETH for 65 consecutive weeks since launching its Ethereum treasury strategy in June 2025. Weekly purchases fell below 10,000 ETH several times in July and August before the recent ramp back to 53,501 ETH last week.
TheBlock
CoinTelegraph
Crypto News
CryptoSlate
WuBlockchain
Lookonchain
WatcherGuru
Glassnode