Bitmine Doubles Down on Ethereum with Record-Breaking Purchase

Bitmine Immersion Technologies has bought another 32,447 Ethereum (ETH) tokens worth roughly $81 million. This purchase brings Bitmine's total holdings to 5,847,611 ETH, which represents about 4.8% of the supply.

This acquisition comes on the heels of a significant price surge in Ethereum, with its value increasing by over 30% in the last week. In contrast, Bitcoin has seen gains of nearly 24% during the same period.

Chairman Tom Lee noted that this 31.5% weekly gain is the largest since May 2025 and July 2021, both of which were followed by larger price movements in ETH. He attributed this to easing financial conditions, White House support for crypto, and Treasury purchases of long-term bonds.

Bitmine has staked 87% of its ETH holdings, with the company projecting $330 million in annual staking revenue. Lee mentioned that Bitmine will slow its buying pace to avoid reaching 5% of Ethereum's supply too quickly.