BitMine Immersion Technologies added another $19 million of Ethereum this week, lifting its treasury to roughly 5.78 million ETH — about 4.8% of all Ether in existence. The company’s stated goal is 5% of total supply, and chairman Tom Lee points to Ether’s recent strength against Bitcoin as a bullish sign.
BitMine Immersion Technologies just added another $19 million worth of Ethereum to its balance sheet, a purchase that looks almost routine for a company that has been buying ETH every single week since June 2025. That leaves BitMine, which trades under the ticker BMNR, holding approximately 5.78 million ETH — the largest corporate holder of ETH in the world, by a significant margin.
BitMine closes in on its 5% target
The company launched what it calls its ETH Treasury Strategy on June 30, 2025, built on a straightforward playbook: buy Ethereum on a weekly schedule, lean into dips, and stake the holdings to generate yield. It has now staked over 4.9 million ETH.
Not every tranche has been this small, however. The largest single purchase on record was 126,971 ETH, valued at approximately $214 million, during the week ending June 8, 2026. BitMine’s stated goal is 5% of the total ETH supply, and at 4.8% it is close enough that the next few weeks of weekly purchases could get it there.
Share repurchases rise alongside the ETH buying
The latest tranche came to 9,946 ETH worth $19.4 million over the past week, up from 7,430 Ethereum acquired during the previous week. That lifted total holdings to 5,787,414 tokens worth $11.2 billion, or about 4.8% of the cryptocurrency’s circulating supply.
Share repurchases rose as well. Lee said BitMine bought back 6.1 million shares of its common stock, compared with 5.5 million in buybacks the previous week. The company currently has a $4 billion buyback authorization.
Tom Lee points to Ether’s edge over Bitcoin
Lee said on social media that despite the depressed price, Ethereum has been outperforming Bitcoin lately, which is a bullish sign. He also said there is mounting evidence that the crypto market is regaining momentum.
Ether has advanced 24% over the past month, outperforming Bitcoin’s 8% gain. Its price recently hit a 10-week high, although it remains below the key level of $2,000. Ethereum is trading at $1,950 on July 27.
Sources: Crypto Briefing, CryptoProwl
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