Bitmine Immersion Technologies bought 32,447 ETH last week as ether posted its steepest weekly gain in more than a year. The purchase pushes Bitmine's holdings to 5.85 million ETH, with more than 5.06 million tokens now staked.
Bitmine Immersion Technologies added 32,447 ETH to its treasury last week. Ethereum surged 30% in its biggest weekly advance since May 2025. The purchase extends a buying streak that has run every week since Bitmine launched its ethereum treasury strategy on June 30, 2025.
Treasury Nears 5% of Ether's Supply
As of Aug. 23, Bitmine held 5,847,611 ETH. That was worth roughly $14.3 billion at an ether price of $2,440, about 4.8% of ethereum's estimated 120.7 million-token supply and near the company's stated goal of owning 5%. Its broader holdings also include 210 bitcoin, $308 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.
Tom Lee Points to Rally as Breakout Signal
Ether's 30% weekly gain was its strongest since May 2025 and, before that, July 2021. Bitmine's chairman, Tom Lee, pointed to those two periods as historical precedents: ether subsequently gained 170% after the May 2025 move and 167% following the July 2021 surge. Past performance offers no guarantee the pattern will repeat.
Lee said improving financial conditions, Wall Street's push into tokenization and growing use of blockchains by AI agents could provide additional support. According to Bitcoin News: "We expect easing financial conditions to be a tailwind for crypto," he said. He also expects ethereum to gain relative to bitcoin during the next crypto cycle, arguing that prior ETH/BTC rallies were driven by new use cases such as initial coin offerings, NFTs and stablecoins.
Staked ETH Passes 5 Million Tokens
Bitmine is putting a larger share of its treasury to work through staking. The company said 5,067,309 ETH, worth about $12.4 billion, was staked as of Aug. 23, roughly 87% of its total holdings.
Annualized staking revenue is now projected at about $330 million, based on current activity. Bitmine said its own staking operations recently generated a seven-day annualized yield of 2.67%. At full scale, including assets deployed through its Made in America Validator Network and external staking partners, Bitmine estimates annual staking rewards could reach about $381 million.
Source: Bitcoin News
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