Bitmine Continues ETH Buying Spree with $19.5 Million Purchase

Bitmine, led by Chairman Tom Lee, has continued its buying streak of Ethereum (ETH) since June 2025. The company purchased 10,399 ETH worth $19.5 million over the past week, bringing its total holdings to 5,797,813 ETH. This stash represents about 4.8% of the network's circulating supply.

According to CoinGecko, Bitmine's Ethereum holdings are valued at around $10.9 billion, with a price per coin of $1,880. Including other crypto assets, cash, and investments, Bitmine's total holdings amount to $11.3 billion.

The company aims to acquire 5% of all ETH in circulation, which would put it just 4% shy of its goal. Bitmine has staked about 85% of its Ethereum holdings through its institutional staking platform, MAVAN, projecting annualized staking revenue of $247 million.

Lee pointed out that since Bitmine pivoted to an Ethereum Treasury strategy in June 2025, the company's shares have outperformed ETH over the following month. He noted that this year, ETH has outperformed the Nasdaq 100 by 25 percentage points in July.