Bitmine Loads Up on Ethereum, Now Holds Nearly 5% of All Outstanding Tokens
Bitmine Immersion Technologies has significantly increased its Ethereum holdings, now owning nearly 5% of all outstanding ETH in circulation.
The company purchased 17,362 Ethereum tokens last week, bringing its total to over 6 million tokens, collectively worth approximately $16.3 billion at the current price of around $2,716 per token.
This move is part of a familiar strategy employed by Bitmine, which started buying up Ethereum in mid-2025 and appointed market strategist Tom Lee as chair of its board of directors.
Lee has been bullish on Ethereum due to its role as the primary network for stablecoin transactions. Stablecoins are digital assets pegged to a commodity or currency, such as the U.S. dollar, offering efficient payment transactions without the volatility associated with most cryptocurrencies.