Tom Lee's Bitmine Buys $131M of ETH in Largest Ethereum Purchase Since June
Bitmine Immersion Technologies accelerated Ethereum accumulation last week, buying 53,501 ETH for about $131 million. Its ETH holdings now total 5,901,112 ETH, valued at roughly $14.8 billion, or 4.9% of Ethereum’s supply. That puts it close to its “Alchemy of 5%” goal of controlling 5% of the network. The company has bought ETH every week since launching its treasury strategy on June 30, 2025, extending the streak to 65 weeks. Chairman Tom Lee said Ethereum, Bitcoin, and Solana have been the top-performing assets since then, and argued Ethereum’s strong quarterly performance could attract more institutional crypto exposure. Total holdings reached $15.6 billion, including 211 Bitcoin, $541 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. Bitmine remains the largest Ethereum treasury and the second-largest crypto treasury overall, behind Strategy. It also has 5,067,309 ETH staked via MAVAN, generating projected annualized revenue of about $335 million.
