BitMine Immersion Technologies bought 42,197 ETH worth roughly $73 million over the past week, lifting its holdings to about 4.8% of Ethereum's circulating supply. The Tom Lee-chaired treasury company left its staked balance untouched and puts total crypto and other holdings at $11.1 billion.
BitMine Immersion Technologies (NYSE: BMNR) bought 42,197 ETH worth roughly $73 million over the past week, according to the company's own holdings update posted Monday. That purchase lifts its total to 5,742,237 ETH, about 4.8% of Ethereum's circulating supply.
The Ethereum treasury company is chaired by Fundstrat's Tom Lee. Its own account put total crypto and other holdings at $11.1 billion, including the ETH position valued at $1,800 per coin, 206 BTC, a $180 million stake in Beast Industries and a $71 million stake in Eightco Holdings (NASDAQ: ORBS). The same update lists $527 million in cash and marketable securities.
Staked balance holds flat
BitMine's staked ETH total stood at 4,879,157, unchanged from the prior week, according to a tracker citing the company's disclosure. Yet the company did not add to its staked position even as its overall ETH balance grew.
Pace toward a 5% target
That buildup has made BitMine the largest corporate holder of ETH. The weekly accumulation keeps it on pace toward its stated goal of controlling 5% of ETH's total supply, a threshold the company has cited as a benchmark for its treasury strategy.
Lee defended the company's funding model in June after an insider warned of a cash gap, The Defiant reported. According to The Defiant, Lee has also framed crypto as a "wartime store of value" in prior remarks.
Several independent market trackers reported the $73 million figure and the 4.8%-of-supply calculation consistently. However, the company's own post did not break out the weekly purchase amount separately from its cumulative total.
Source: The Defiant
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