BitMine Doubles Down on Ethereum with $79M Purchase Amid Price Surge

BitMine Immersion Technologies has made another significant purchase of Ethereum, buying $79 million worth of ETH at an average price of $2,440 per coin. This acquisition brings the company's total holdings to 5,847,611 ETH, representing 4.8% of the total Ethereum supply.

In a weekly update, BitMine Chairman Thomas 'Tom' Lee noted that Ethereum has surged by 30% in the past week, its largest gain since May 2025. He also highlighted the potential for further price increases, citing previous rallies where ETH gained 167% after the July 2021 move and 170% from the May 2025 surge.

Lee emphasized that 'easing financial conditions' could be a tailwind for crypto, while also noting changes in the broader market, including increasing attention to tokenization on blockchain networks and agentic AI on blockchain networks. BitMine has staked 87% of its total ETH holdings, valued at approximately $12.4 billion.