TheBlock
Bitmine Immersion, chaired by Tom Lee, bought another 32,447 ETH since its Aug. 17 update, lifting the company's total holdings to 5,847,611 ETH worth roughly $14.7 billion at current prices. The Ethereum treasury firm's combined crypto, cash, and investments stood at $14.9 billion as of Monday. The acquisition follows a 30% rally in ETH over the past week, the largest weekly gain since May 2025 and the first weekly move of that magnitude since July 2021. Lee framed the move as overdue, citing Wall Street tokenization, agentic-AI tailwinds, and a White House signal of support for the sector.
Why it matters
Lee's read is that two precedent instances of ETH printing a >30% weekly gain (May 2025 and July 2021) each marked launch points for larger moves higher, and the current setup rhymes with both. The macro backdrop backs the call: easing financial conditions, a White House endorsement of the sector, and the Treasury absorbing long-duration bonds all compress the discount rate that high-beta assets like ETH price off.
Bitmine's positioning makes the thesis more than commentary. The company has staked 5,067,309 ETH, more than any other entity on the network, generating $330 million in projected annualized staking revenue at a 2.67% seven-day yield. Its 5.85 million ETH stash equals roughly 4.8% of Ethereum's circulating supply, putting it behind only Michael Saylor's Strategy in the public crypto-treasury league table.
Market impact
The signal is flows continuing into the largest institutional ETH accumulator. SharpLink (Joe Lubin) and The Ether Machine hold 863,020 ETH and 496,712 ETH respectively, an order of magnitude behind Bitmine. Combined with a staking operation now generating nine-figure annualized yield, the buy sets a structural bid under ETH that operates independently of spot price action.
Watch the staking-revenue trajectory next: if MAVAN and Bitmine's staking partners push the staked share closer to 100% of holdings, the projected annualized reward climbs to $381 million, a number that starts to matter for the company's equity narrative.
Frequently asked questions
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How much ETH does Bitmine hold after this purchase?
Bitmine holds 5,847,611 ETH after the latest 32,447 ETH buy, worth roughly $14.7 billion at current prices. The firm's total crypto, cash, and investments stood at $14.9 billion as of Monday.
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Why does Tom Lee call the ETH upside overdue?
Lee argues ETH's 30% weekly gain was the largest since May 2025, and the first of that size since July 2021, and that two prior instances of similar weekly moves each marked launch points for larger rallies.
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How much staking revenue does Bitmine generate?
Bitmine has staked 5,067,309 ETH, projecting $330 million in annualized staking revenue at a 2.67% seven-day yield. The figure climbs to $381 million annualized if the staked share of holdings reaches 100%.
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Where does Bitmine rank among public crypto treasuries?
Bitmine is the second-largest public crypto treasury overall, behind Michael Saylor's Strategy at 840,447 BTC, and the largest Ethereum treasury by a wide margin.
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How does Bitmine compare to other ETH treasuries?
SharpLink, chaired by Joe Lubin, holds 863,020 ETH and The Ether Machine holds 496,712 ETH. Both are an order of magnitude behind Bitmine's 5.85 million ETH stash.
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