Bitmine's $11 Billion Ethereum Stash Hits 4.8% of Total Supply

Tom Lee's Bitmine Immersion has continued its streak of buying Ethereum (ETH), adding another 9,926 tokens to its balance sheet last week. This brings its total holdings up to 5.815 million ETH, which now accounts for 4.8% of the total supply.

The purchase is worth around $11 billion at the current price of $1,904 per ETH. The company's Chairman, Tom Lee, believes that the recent break above a years-long downward trend in the ETH/BTC ratio signals growing demand for Ethereum from tokenization and AI-agent applications.

Lee also expects 'easing financial conditions to be a tailwind for crypto', according to his statement. This comes as ETH is up about 1.6% over the past 24 hours, while Bitmine's stock (BMNR) has traded more than 2% higher today.