Tom Lee's Bitmine Buys Another $47M of ETH, Taking It to 4.9% of Ethereum Supply

Bitmine Immersion Technologies has raised its Ethereum holdings to 6,001,302 ETH after buying 17,362 ETH in the past week, a purchase the company valued at just under $47 million using a $2,698 snapshot price. At that level of supply, Bitmine now controls roughly 4.9% of the 122.1 million ETH estimated to be in circulation. The company reports that it has staked 5,067,309 ETH, representing 84% of its Ethereum balance, primarily via MAVAN, the institutional staking platform the firm built for its treasury and later opened to outside investors. With a seven-day annualized yield of 2.62%, Bitmine projects current staking revenue of about $358 million per year; that figure would increase to approximately $424 million if the firm staked its entire ETH position. Bitmine has pursued a weekly buying program since initiating the strategy on June 30, 2025, a cadence the firm says is unmatched among public companies. The treasury describes its goal as the "Alchemy of 5%" and states it is about 98% of the way to that target after 15 months of accumulation. Including other assets, Bitmine lists total holdings of about $17.2 billion, which comprise 213 BTC, $672 million in cash and marketable securities, and two equity positions labeled as "moonshots": $180 million in Beast Industries and $115 million in Eightco. With this accumulation, Bitmine has become the largest corporate Ethereum treasury and the second-largest corporate crypto treasury overall, trailing only Strategy, which holds 847,666 BTC (roughly $71 billion). The company counts investors such as ARK Invest's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller III among its backers.