Tom Lee’s Bitmine Keeps Buying Ethereum, Treasury Nears 5.8 Million ETH

The Tom Lee-chaired Bitmine Immersion Technologies continues to expand its Ethereum treasury, adding almost 10,000 $ETH over the past week.

This purchase was slightly larger than the one from the previous week, but it’s still significantly lower than many completed just a month ago. Recall that the former $BTC miner bought over 52,000 $ETH in June.

Another 9,946 $ETH Scooped

The press release shared by the company outlined the impressive streak, noting that the firm has acquired some portion of $ETH for well over a year. In fact, this accumulation spree began when it launched the Ethereum Treasury Strategy on June 30, 2025, and has continued to this day.

The purchase of the 9,946 $ETH in the past week brought Bitmine’s total holdings to 5,787,414 $ETH, worth well over $11 billion at current prices. However, it still remains deep in the red since its average buying price is nearly twice as high.

Bitmine said it continues with its main goal to bring its total stash to 5% of Ethereum’s total supply. It has now come to less than 0.2% of that target, but it keeps demonstrating that the firm remains committed to accumulating Ethereum despite already controlling nearly one in every 20 $ETH in existence.

Chairman Tom Lee is still bullish on the industry and Ethereum in particular, pointing to the strengthening of the $ETH/$BTC pair and the recent technical momentum. The largest altcoin has outperformed the market over the past few days, posting another 5% surge daily and hitting a 2-month peak at almost $2,000. Lee believes $2,000 and $2,500 are $ETH’s main obstacles on the path to a major recovery.

Staking Continues

In times when the actual number of validators who want to unstake their $ETH tokens has gone down to practically zero, Bitmine doubled down on its strategy to put almost all of its stash to work. The firm revealed that more than 4.9 million tokens have been staked through its institutional platform, MAVAN.

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Staking 85% of its total holdings means that the firm’s seven-day staking yield of 2.65% (annualized) projects annual revenue of approximately $254 million. The company plans to allocate its entire $ETH fortune to staking, which would increase the number to roughly $300 million.