Bitmine Buys $236M in Ether, Holdings Top 5M ETH

TLDR

• Bitmine purchased 101,901 ETH worth about $236 million last week.
• The acquisition raised Bitmine’s total ether holdings to 5,078,386 tokens.
• The company now controls about 4.21% of Ether’s circulating supply.
• Tom Lee said the firm aims to acquire 5% of the total ETH supply.
• Bitmine reported total crypto and cash holdings of $13.3 billion.

Bitmine Immersion Technologies expanded its ether holdings with a $236 million purchase last week. The move lifted total holdings to 5,078,386 ETH, or about 4.21% of the circulating supply. Chairman Thomas “Tom” Lee said the company aims to acquire 5% of the total ether supply.

Bitmine Expands ETH Treasury Past 5 Million Tokens

Bitmine acquired 101,901 ETH during the week, and it pushed total holdings above 5 million tokens. The company disclosed the update on Monday and confirmed the purchase value at current prices. Lee said, “Bitmine ETH holdings crossed 5 million this past week.” He added that the milestone advances the company’s target of owning 5% of the supply.

The firm reached the threshold within 10 months after shifting its strategy in June. It moved from bitcoin mining to a digital asset treasury model. Since then, it has increased weekly purchases while other treasuries slowed activity. The latest transaction continued that pattern and raised its ether allocation.

Bitmine reported total crypto and cash holdings of $13.3 billion. The balance includes 200 bitcoin, valued at $77,720.51 per coin at the time of disclosure. The company also holds $940 million in cash and equity stakes. These stakes include investments in Beast Industries and Eightco Holdings, which focus on Worldcoin.

The company said it has scaled its staking program to generate yield. It now stakes about 3.7 million ETH, or roughly 73% of holdings. The staked assets generate about $264 million in annualized revenue. Bitmine launched the Mavan staking platform in March to serve institutions and their treasury operations.

Shares of BMNR traded flat in pre-market activity after the announcement. The company did not announce changes to its bitcoin holdings in the update.

ETH Performance and Lee’s Wartime Store of Value Thesis

Lee described ether as shifting from speculation to a store of value. He cited research from Etherealize to support that view. Lee said ETH now serves as collateral as digital assets gain use in financial transactions. He stated, “There is a lot of meaning to ETH being the best ‘war-time store of value.’”

Lee also pointed to ETH’s performance since the start of the Iran conflict. He said Ether has outperformed the S&P 500 during that period. He added that ETH has led returns since the conflict began. Lee linked that performance to broader adoption trends.

He referenced tokenization as a growing use case for public blockchains. He also cited artificial intelligence systems that rely on blockchain networks. Lee said these developments create long-term demand for ether. However, he focused his comments on current market data and company strategy.

Bitmine confirmed that it continues to accumulate ether weekly. The company said it will update the market as holdings approach 5% of supply. As of the latest filing, total ETH holdings stand at 5,078,386 tokens.

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