Tom Lee's Bitmine Adds $70 Million in Ethereum, Holdings Reach 5.93 Million ETH

Bitmine Immersion Technologies added 28,086 Ethereum tokens during the most recent week of buying, a transaction the company says was worth about $70 million based on its internal reference price of $2,495 per ETH. That purchase lifts Bitmine’s total Ethereum position to 5.93 million tokens, putting the firm within striking distance of its stated goal to hold 5% of the cryptocurrency’s supply.

The company reports that roughly 85% of its Ethereum is currently staked — about 5.1 million ETH — and it expects those staked tokens to generate roughly $330 million in annualized rewards. Bitmine values its Ethereum holdings at approximately $14.8 billion and lists combined crypto, cash, securities and other investments at $15.7 billion as of September 7.

Bitmine has executed weekly ETH buys since launching its treasury strategy on June 30, 2025, and the most recent purchase followed a larger acquisition of 53,501 ETH the week before. Company chair Tom Lee emphasized the sustained buying cadence and noted the strong performance of crypto assets in recent months, while the firm did not disclose the acquisition cost for the newest tranche. The company also disclosed that Lee is an investor in Dastan, Decrypt’s parent company.

As Bitmine nears its 5% target—the company reported it is about 97% of the way toward that goal—its future purchasing plans remain uncertain; Lee previously said the firm would temper buying to avoid hitting the target too early. The buying streak comes while other public treasury holders are altering their approaches: one large corporate Bitcoin holder made no purchases in the week through September 7 after a sizable buy the week prior, another firm announced a $143 million Bitcoin purchase on August 31, and an Ethereum-focused treasury firm has plans to stake $200 million through Lido.