Tom Lee's Bitmine increased Ethereum holdings to 5.93 million ETH ($70M addition) with 4.9% of total supply staked for rewards.
DeFi & Yields ·
Bitmine Immersion Technologies purchased 28,086 Ethereum tokens last week, valued at approximately $70 million, bringing its total holdings to 5.93 million ETH. The company now holds roughly 4.9% of Ethereum's total supply, according to a statement from Chairman Tom Lee. Bitmine has conducted weekly Ethereum purchases since launching its treasury strategy on June 30, 2025.
The latest acquisition is part of a broader accumulation effort aimed at reaching a 5% ownership target. Approximately 85% of Bitmine's Ethereum holdings—roughly 5.1 million tokens—have been staked to generate rewards, with projected annualized staking revenues now at $330 million. As of September 7, the company valued its combined crypto, cash, securities, and other investments at $15.7 billion, with Ethereum representing approximately $14.8 billion of that total.
Whether Bitmine will continue purchases once it achieves its 5% target remains unclear. Lee previously indicated the company would slow buying to avoid reaching the goal prematurely, but the current trajectory leaves some uncertainty about the strategy's continuation and timing.