Bitmine Nears 5% ETH Ownership with $19M Weekly Buy
Tom Lee's Bitmine company has continued its aggressive Ethereum buying spree, purchasing another $19 million in ETH tokens. This latest acquisition brings Bitmine's total holdings to 5.82 million ETH, worth around $11 billion. The company's treasury now includes $11.4 billion in total crypto, cash, and other assets.
Bitmine has been buying ETH every week since launching its treasury strategy last summer, with significant purchases made in April, June, and July. According to Chairman Tom Lee, the company is 96% of the way to its goal of owning 5% of Ethereum's circulating supply, which currently stands at 120.7 million tokens.
In a statement, Lee attributed ETH's rising price ratio against Bitcoin to 'tokenization and agentic-AI applications', and noted that easing financial conditions should be a positive factor for crypto markets.