BitMine Immersion Technologies has significantly increased its Ethereum holdings, purchasing 71,252 ETH worth approximately $152 million last week. The firm now controls nearly 4% of the circulating Ethereum supply, with over 4.8 million ETH valued at $10.3 billion. This accumulation coincides with Ethereum’s price rising 5% over the past 24 hours to around $2,145, outperforming traditional market indices. BitMine Chairman Tom Lee cited Wall Street tokenization and AI systems as tailwinds for Ethereum.
BitMine Immersion Technologies purchased another 71,252 ETH last week, worth around $152 million. This brings the firm’s total Ethereum holdings to more than 4.8 million tokens, valued at approximately $10.3 billion. The acquisition means BitMine now holds just shy of 4% of the entire circulating Ethereum supply.
BitMine Chairman Tom Lee stated that the war has placed downward pressure on global markets, yet ETH has risen on an absolute basis. “This is a great harbinger, as we expect ETH leadership to strengthen investors and eventually take cash off the sidelines,” Lee said.
The firm’s announcement followed a 5.4% gain for Ethereum in the last 24 hours, recently trading around $2,145. Ethereum has gained more than 8% in the last month, significantly outperforming the S&P 500 and Nasdaq, which fell 2% and 1.80% respectively.
Lee added that Ethereum benefits from dual tailwinds of Wall Street tokenizing on the blockchain and agentic AI systems needing public, neutral blockchains. The firm has also increased its position of staked ETH, with 69% of its total holdings earning staking rewards.
When BitMine’s full complement of Ethereum is staked, it will earn roughly $282 million annually from staking alone. Shares in the firm (BMNR) are up around 6% Monday, recently trading at $20.64. BMNR has gained over 9% in the last month but remains down 67% over six months.
