Bitmine Doubles Down on Ethereum as Price Surges 30%

Bitmine continues to aggressively accumulate ether, buying 32,447 ETH last week as its price surged 30% in its biggest weekly gain since May 2025. The company now holds 5.85 million ETH, with over 5.06 million tokens staked.

The purchase extended a buying streak that has continued every week since Bitmine launched its Ethereum treasury strategy on June 30, 2025. As of August 23, Bitmine held 5,847,611 ETH, valued at roughly $14.3 billion using an ether price of $2,440.

Bitmine's Chairman, Tom Lee, pointed to the strong weekly gain as a potential signal for a larger move in Ethereum, citing historical precedents from May 2025 and July 2021, when ether subsequently gained 170% and 167%, respectively. According to Lee, improving financial conditions, Wall Street's push into tokenization, and growing use of blockchains by AI agents could provide additional support.

Bitmine is also putting a larger share of its treasury to work through staking, with 5,067,309 ETH worth about $12.4 billion at current prices staked as of August 23. Annualized staking revenue is now projected at about $330 million, based on current activity.