Bitmine Immersion Technologies bought another 32,447 Ether last week, pushing its treasury to 5,847,611 ETH as the cryptocurrency broke above $2,500 for the first time since January. The purchase leaves Tom Lee's company roughly 97% of the way toward its long-stated goal of holding 5% of Ethereum's circulating supply.
Tom Lee's Bitmine Immersion Technologies added 32,447 Ether last week, extending a buying streak that has run every week since it launched its Ethereum treasury strategy on June 30, 2025. According to Decrypt, the purchase was worth roughly $81 million. The buy brings Bitmine's total holdings to 5,847,611 ETH, or roughly 4.8% of Ethereum's supply.
Bitmine closes in on its 5% target
Bitmine is now 97% of the way toward its stated goal of owning 5% of Ethereum's supply. According to Decrypt, Ethereum's supply of about 120.7 million tokens puts the 5% threshold near 6.04 million ETH, leaving Bitmine roughly 187,000 ETH short of its goal.
Bitmine has also staked 5.07 million ETH, representing about 87% of its holdings. The company reported combined crypto, cash, securities, and other investments of $14.9 billion.
Ether's rally trims Bitmine's paper losses
ETH has outperformed Bitcoin since last Wednesday, when the US Treasury announced plans to double its monthly purchases of certain longer-dated Treasurys to $4 billion from $2 billion beginning next month. Ether has gained more than 32% since the announcement, breaking above $2,500 for the first time since January, according to CoinMarketCap data. The rally has also outpaced Bitcoin: Decrypt reported ETH up 31.5% in the last seven days, outperforming Bitcoin's own gain of nearly 24% over the same week.
Bitmine's aggressive buying during the downturn had left the firm sitting on steep unrealized losses. However, the recovery has significantly narrowed that shortfall: paper losses on the treasury fell to below $5 billion from more than $8.4 billion roughly a week earlier, according to DropsTab data.
Tom Lee cites Treasury moves and White House support
According to Decrypt, Bitmine chairman Tom Lee called the week's rally the largest weekly gain since May 2025: "This is the largest weekly gain since May 2025". Lee attributed the move to easing financial conditions, White House support for crypto, and Treasury purchases of long-term bonds that had improved investors' appetite for risk.
The swings underscore how quickly a corporate treasury's valuation can shift as market conditions change.
Sources: Cointelegraph, Decrypt
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