TheBlock
Fundstrat's Tom Lee has called the turn, declaring that 'crypto spring has commenced' — and Bitmine Immersion's balance sheet is one of the more striking data points behind that thesis. The company added 26,659 ETH last week, a pace that falls below its prior 100,000 ETH weekly run rate, but its cumulative position now exceeds 5.2 million ETH.
At current prices, Bitmine's total crypto and cash holdings stand at $13.4 billion, and the firm controls more than 4.3% of Ethereum's entire circulating supply. That concentration makes Bitmine one of the single largest non-protocol holders of ETH in existence.
The slowdown in weekly accumulation pace is worth watching — it could reflect deliberate position management at scale, or simply the mechanical difficulty of sourcing liquidity at this size without moving the market. Either way, the structural bid is already in place.
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