Bitmine, led by Tom Lee, purchases $131M in ETH to reach 5.9M tokens (4.9% of supply), marking the largest single Ethereum buy since June.
Macro & Markets ·
Bitmine acquired 53,501 ETH worth approximately $131 million in its largest weekly purchase since June, bringing its total Ethereum holdings to 5,901,112 tokens representing 4.9% of supply. The accumulation marks progress toward the company's stated goal of controlling 5% of the network. Chairman Tom Lee attributed the buying pace to strong crypto performance in the third quarter, noting Ethereum's significant outperformance relative to traditional equity benchmarks.
The purchase extends a 65-week consecutive buying pattern that began when Bitmine launched its treasury strategy on June 30, 2025. The company now holds the largest Ethereum treasury globally and ranks second among all crypto treasuries, trailing only another major Bitcoin-focused corporate holder. Beyond Ethereum, Bitmine's broader asset portfolio reached $15.6 billion in total value as of mid-September, including 211 Bitcoin, cash positions, and stakes in other ventures.
Staking activity remains a significant revenue component for Bitmine, with approximately 86% of its Ethereum holdings locked through its MAVAN platform generating projected annualized returns near $335 million. The timing of this purchase follows a period when some weekly acquisitions had been smaller, suggesting a renewed acceleration in capital deployment toward Ethereum.