Bitmine Adds $70 Million in Ethereum Holdings, Nears 5% Supply Target

Bitmine Immersion Technologies, led by Chairman Tom Lee, has added another 28,086 Ethereum tokens to its holdings, bringing its total to 5.93 million ETH. The purchase was worth approximately $70 million at Bitmine's reference price of $2,495 per token.

The acquisition marks the company's continued commitment to buying Ethereum weekly since launching its treasury strategy in June 2025. According to Lee, Ethereum has been the best-performing major asset in the third quarter so far, with gains exceeding those of the S&P 500 stock index by 54.3 percentage points.

Bitmine valued its Ethereum holdings at approximately $14.8 billion as of September 7 and its combined holdings at $15.7 billion. The company has staked roughly 5.1 million tokens, about 85% of its holdings, with annualized staking revenues projected at $330 million.