Bitmine Closes in on 5% Ethereum Target with $19 Million Buy
Bitmine, led by Chairman Tom Lee, continues to accumulate Ethereum (ETH) in its treasury. The company has purchased another $19 million worth of ETH, bringing its total holdings to 5.82 million tokens. This latest buy brings Bitmine's Ethereum position within striking distance of its goal to own 5% of the circulating supply.
According to Bitmine, its Ethereum treasury now includes 5,815,164 ETH and is worth approximately $11 billion. The company's overall holdings, including cash and other assets, total $11.4 billion. Lee noted that the rising price ratio of ETH against Bitcoin (BTC) is a sign that markets are beginning to see the materialization of tokenization and agentic-AI applications, which should benefit Ethereum.
Bitmine has been buying ETH weekly since launching its treasury strategy last summer. In April, it made two purchases worth roughly $235 million each, including 10,000 ETH bought directly from the Ethereum Foundation. The company's holdings have remained steady at 4.8% of ETH's circulating supply.