CoinDesk
Bitmine Immersion Technologies, the Tom Lee-chaired Ethereum treasury firm, bought 32,447 ETH last week in a haul worth roughly $81.2 million at Monday's price of $2,500. It was the company's biggest weekly purchase since early July, lifting cumulative holdings to 5,847,611 ETH, or about 4.8% of Ethereum's 120.7 million token supply and $14.6 billion in notional value. Bitmine has now added ETH every week since launching its treasury strategy in June 2025.
Why it matters
Bitmine is roughly 187,000 ETH short of its self-imposed 5% supply target, a milestone that, at current prices, would require roughly $470 million more in buying. Lee tied the stepped-up acquisition pace to a broader rotation back into crypto, arguing that easier financial conditions, Wall Street's tokenization push, and AI agents settling on blockchain rails are all lining up behind ether.
He also pointed to historical pattern. In two prior instances when ETH gained more than 30% in a single week, July 2021 and May 2025, ether subsequently rallied 167% and 170% respectively. "In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH," Lee said. He expects ether to gain ground against bitcoin in that scenario.
Market impact
Beyond the spot accumulation, Bitmine has staked 5.07 million ETH, roughly 87% of its treasury, projecting about $330 million in annualized staking revenue at current yields. That staking layer means the firm's effective cost basis compounds regardless of price action, and it underscores why Bitmine has not slowed down even as it approaches its target ceiling.
BMNR was up 3.5% in pre-market trading on Monday as ETH reclaimed $2,500. The market read is straightforward: a publicly traded proxy on Ethereum is being valued, in part, on the credibility of its accumulation narrative, and this week's haul reinforces that thesis at a moment when the underlying asset is already moving.
Frequently asked questions
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How much ETH did Bitmine buy last week?
Bitmine bought 32,447 ETH last week in a haul worth roughly $81.2 million at Monday's price of $2,500. It was the company's biggest weekly purchase since early July.
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How much ETH does Bitmine now hold?
Bitmine now holds 5,847,611 ETH, or about 4.8% of Ethereum's 120.7 million token supply, valued at roughly $14.6 billion at current prices. That puts the firm roughly 187,000 ETH short of its self-imposed 5% supply target.
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Why does Tom Lee think ETH could keep rallying?
Lee points to two prior instances when ETH gained more than 30% in a single week, July 2021 and May 2025, after which ether subsequently rallied 167% and 170% respectively. He also cited easier financial conditions, Wall Street's tokenization push, and AI agents settling on blockchain rails.
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How much of Bitmine's ETH is staked?
Bitmine has staked 5.07 million ETH, roughly 87% of its holdings. At current yields, the firm projects about $330 million in annualized staking revenue.
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What is Bitmine's long-term ETH target?
Bitmine is targeting 5% of Ethereum's total supply, which at the current 120.7 million token level would require roughly 6.04 million ETH. With 5.85 million now held, the firm is approximately 187,000 ETH short of that milestone.
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