Bitmine Immersion Technologies bought 27,562 ether worth about $75.2 million last week, pushing its total holdings to 5,983,940 ETH — nearly 4.9% of Ethereum's circulating supply. Chairman Tom Lee said institutions remain underweight crypto and expects them to raise their exposure in the final three months of 2026.
Bitmine Immersion Technologies bought another 27,562 ether last week. The purchase was worth about $75.2 million at Monday's price of $2,727 per token. The buy lifts Bitmine's total holdings to 5,983,940 ETH. That's roughly 4.9% of Ethereum's 122.1 million-token circulating supply. Bitmine is now 98% of the way toward its stated goal of owning 5% of that supply.
Bitmine nears its 5% supply target
The company launched its Ethereum treasury strategy on June 30, 2025. It has executed weekly purchases since, primarily through over-the-counter channels such as Kraken and FalconX. The company also puts much of its ether into staking rather than simply holding it. It has staked about 5 million ETH, roughly 85% of its holdings. That position projects $357 million in annual revenue at current yields.
Ether outperforms as Bitmine shares rally
Bitmine shares rose 5.8% in pre-market trading Monday. That extends Friday's 8% rally. Ether itself surged overnight to a fresh high since late January. Since the end of June, ETH has risen 76%, far outpacing the S&P 500. The index has gained just 2% over the same span.
Lee sees institutions playing catch-up
Chairman Tom Lee said institutional investors may be playing catch-up after favoring artificial intelligence-linked stocks earlier in the year. According to The Block: "a crypto bull market is underway, having started in late June", Lee said, pointing to a rotation from AI back to crypto and the end of the four-year cycle.
Bitmine leads the treasury race
Bitmine remains the largest Ethereum treasury holder, ahead of Sharplink's roughly 888,938 ETH. The Ether Machine ranks third with 496,712 ETH. Bitmine is also the second-largest public crypto treasury company overall, behind Strategy's 846,000 BTC. That Bitcoin position is worth about $71.9 billion.
Sources: CoinDesk, The Block, Crypto Briefing
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