BitMine Rises with Ethereum: Aggressive Buying Spree Drives BMNR Near Double
BitMine's aggressive Ethereum buying spree has seen its stock nearly double in value since June, with BMNR trading closely tied to the performance of ETH. The company's treasury strategy, spearheaded by Tom Lee, aims to accumulate a 5% stake in the token's supply.
As of August 25, BitMine had acquired approximately $14.6 billion worth of ETH, representing around 4.8% of the token's 120.7 million supply.
The remaining gap to reach the target is relatively small at about 187,000 tokens, although this translates to a significant dollar amount in value.
Lee has pointed to various factors driving Ethereum's potential for continued growth, including Wall Street tokenization and possible blockchain use by AI agents. The surge in ETH's price over the past week, reaching its strongest weekly rise since May 2025, also contributes to BitMine's rising fortunes.