TLDR
- Bitmine bought 126,971 ETH during market weakness, adding nearly $213 million to its Ethereum treasury.
- The company now holds 5.54 million ETH, equal to about 4.59% of supply.
- Bitmine says its Ethereum accumulation has reached 92% of the “Alchemy of 5%” target.
- More than 85% of Bitmine’s ETH stack remains staked through its MAVAN network.
- Tom Lee says Ethereum fundamentals remain strong despite recent pressure across crypto markets.
Tom Lee’s Bitmine Immersion Technologies has increased its Ethereum position after purchasing 126,971 ETH during a week of weakness across digital asset markets. The purchase was valued at about $213 million and raised the company’s total Ethereum holdings to 5.54 million ETH.
The Norwalk-based company said the latest acquisition brings it to 92% of its “Alchemy of 5%” accumulation target. Based on the stated figures, Bitmine now controls about 4.59% of Ethereum’s circulating supply, making it one of the largest corporate holders of the asset.
The purchase came after Ether fell to $1,505 last week, its lowest level since April 2025, before trading near $1,630. Bitmine used the price decline to add to its treasury, continuing a strategy that has shifted the company’s focus from Bitcoin mining toward Ethereum accumulation.
Tom Lee Points to Ethereum Fundamentals
Thomas “Tom” Lee, chairman of Bitmine, said the company increased buying because it views the recent decline in ETH prices as disconnected from Ethereum’s fundamentals. He described the market phase as an early stage of “crypto spring,” according to the company’s Monday announcement.
Lee also referred to recent market pressure linked to a security flaw found in Zcash’s Orchard circuit, which had affected confidence before being patched. He said the broader downturn reflected short-term concerns rather than a change in the company’s view of Ethereum’s role in public blockchain infrastructure.
Bitmine has positioned Ethereum as a network that may benefit from institutional tokenization of financial assets and the rising use of neutral public blockchains for AI-related economic activity. The company’s strategy is based on the view that demand for tested settlement networks could increase as more financial and computing activity moves on-chain.
Staked Holdings Remain Central to Strategy
Bitmine said more than 85% of its Ethereum stack remains staked through its MAVAN network. The company’s staked holdings total around 4.7 million ETH, which were valued at about $7.7 billion using prevailing prices near $1,630.
The firm’s total Ethereum position is currently valued at about $9.31 billion. Reports also estimate that the company’s average purchase cost is near $3,460 per ETH, placing the position well below cost at current market prices.
Alongside Ethereum, Bitmine reported $247 million in cash and additional crypto-related assets. It also maintains an $88 million investment in Eightco, a publicly traded company offering indirect exposure to OpenAI, bringing total crypto, cash, and strategic investment holdings to about $9.6 billion.
The latest ETH purchase keeps Bitmine on course toward its stated goal of owning a meaningful share of Ethereum’s circulating supply. The company’s treasury strategy now remains closely tied to Ether’s price movement, staking returns, and the broader adoption of Ethereum by institutions and blockchain-based applications.
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