CoinDesk
Tom Lee's Bitmine Immersion bought another 9,926 ETH last week, lifting its cumulative holdings to 5.815 million tokens worth roughly $11 billion at the current price of $1,904. The company now controls 4.8% of Ethereum's total supply, closing in on its publicly stated 5% target. The buy extends a streak of weekly acquisitions that began when Bitmine launched in June 2025.
Why it matters
Bitmine is functionally a single-buyer demand layer for ETH that did not exist a year ago. The company has accumulated 5.815 million tokens in roughly five months of consecutive weekly buys, a pace that turns a treasury vehicle into a structural flow source rather than a one-off trade. Lee frames the bid around three demand vectors: tokenization, AI-agent applications, and easing financial conditions on the macro side.
The ETH/BTC ratio breaking above a years-long downtrend, in Lee's reading, is the chart signal that institutional allocators are starting to price those vectors in. That matters more than any single weekly print, because it suggests the accumulation is being read as a regime shift rather than a tactical position.
Market impact
Bitmine is also buying back its own stock. The company added 1.7 million BMNR shares last week under a previously authorized $4 billion repurchase program, bringing the cumulative buyback to 20.8 million shares. That puts a second bid underneath the equity while the underlying ETH position keeps compounding.
ETH traded up about 1.6% over the past 24 hours at $1,904, with BMNR up more than 2% on the day of the announcement. The single-day moves are modest, but the trajectory, a treasury vehicle approaching 5% of total supply with a parallel share buyback, is what changes the supply calculus. Watch the next weekly print and whether buyback pace accelerates as Bitmine crosses the 5% line.
Frequently asked questions
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How much ETH does Bitmine Immersion hold?
Bitmine holds 5.815 million ETH, worth approximately $11 billion at the recent price of $1,904 per token.
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What percentage of all ETH does Bitmine own?
The company controls about 4.8% of Ethereum's total circulating supply, making it one of the largest single holders of ETH.
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What is Bitmine's accumulation target?
Chairman Tom Lee has publicly stated a target of accumulating 5% of all ETH, a threshold Bitmine is now within striking distance of.
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Why is Bitmine buying Ethereum?
Lee has cited three demand drivers: tokenization, AI-agent applications, and easing financial conditions, with the ETH/BTC ratio breaking a multi-year downtrend as the chart confirmation.
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Is Bitmine also buying back its own stock?
Yes. Bitmine bought another 1.7 million BMNR shares last week under a $4 billion repurchase program, bringing the cumulative buyback to 20.8 million shares.
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