Bitmine Immersion Technologies bought 32,447 ETH last week, its largest weekly purchase since early July, as ether rallied about 30%. The purchase lifted Bitmine's holdings to roughly 5.85 million ETH worth $14.6 billion, putting the treasury firm within about 187,000 tokens of its goal of owning 5% of Ethereum's supply.
Bitmine Immersion Technologies picked up the pace of its ether purchases last week, buying 32,447 ETH after several weeks of more modest additions to its crypto treasury. The purchase is worth roughly $81 million at Monday's ETH price of $2,500, marking the company's biggest weekly haul since early July.
Holdings near the 5% target
The purchase lifted Bitmine's holdings to 5,847,611 tokens, a stash valued at about $14.6 billion at current prices. BMNR shares traded 3.5% higher in pre-market trading as ETH climbed past $2,500.
Tom Lee's company had eased its buying in recent months as it moved closer to its self-imposed goal of owning 5% of Ethereum's supply. Still, Bitmine hasn't stopped: it has added ETH every week since launching its Ethereum treasury strategy in June 2025, according to Lee. Its holdings now account for roughly 4.8% of Ethereum's 120.7 million token supply. Reaching the 5% target at current supply would require about 6.04 million ETH, leaving Bitmine roughly 187,000 tokens short.
Lee sees more room to run
Bitmine's pickup in buying came alongside a broader rebound in crypto prices, as ether gained about 30% over the past week. Lee pointed to two previous instances in which ETH appreciated by more than 30% in a week and argued the current move could have further to run. Ether subsequently gained 167% following a similar move in July 2021. It gained 170% after the May 2025 rally, though historical price patterns don't guarantee similar returns.
Lee said easier financial conditions, Wall Street's push to tokenize assets and potential blockchain use by AI agents could provide further support, and he expects those trends to help ether gain ground against bitcoin. Bitmine has also put most of its treasury to work through staking: the firm has staked 5.07 million ETH, or about 87% of its holdings, and projects roughly $330 million in annualized staking revenue at current yields.
Source: CoinDesk
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