Bitmine Immersion (BMNR) picked up 32,447 ether (ETH) last week, spending roughly $81.5 million in its biggest weekly buy since early July, according to The Block. The Ethereum treasury firm is chaired by Tom Lee.
A Monday update put Bitmine’s total ETH stack at 5,847,611 ETH, valued near $14.7 billion at current prices. Across crypto, cash, marketable securities, and other investments, the firm held $14.9 billion as of Aug. 24. The average price paid for this latest tranche was not disclosed.
The timing tracks. Ether posted its sharpest weekly rally in over a year, climbing 30%, the largest weekly gain since May 2025 and, before that, July 2021, according to The Block. Bitmine remains the largest public Ethereum treasury holder. SharpLink trails at roughly 863,020 ETH, with The Ether Machine at about 496,712 ETH, per SER data cited by The Block.
Lee called the rally overdue. “We believe this upside move in ETH was overdue given the strengthening fundamentals in crypto, the multiple tailwinds of Wall Street tokenization, and agentic-AI,” he said. He pointed to White House support for crypto and Treasury bond purchases as additional drivers of risk appetite.
In both prior instances of a weekly gain above 30%, Lee said, the surge “signaled a launch point for a larger move in ETH.” He sees easing financial conditions as a tailwind. Traders, as ever, disagree.
Bitmine now holds about 4.8% of Ethereum’s circulating supply, which sits near 120.7 million ETH. Of that position, 5,067,309 ETH (roughly $12.7 billion) is staked. The Block reports that figure exceeds any other entity worldwide. At full deployment across Bitmine’s staking partners, projected annualized staking rewards would reach $381 million based on a 2.67% seven-day BMNR yield. Current annualized staking revenue is projected at $330 million.
That staked portion, 5.1 million ETH, accounts for 87% of Bitmine’s 5.85 million ETH total. The remaining unstaked balance leaves room to keep accumulating without unwinding positions.
Beyond Ethereum, the balance sheet as of Aug. 23 carried 210 bitcoin (BTC) worth $16.6 million, an $89 million stake in Eightco Holdings, a $180 million stake in Beast Industries, and $308 million in cash and marketable securities. Overall, Bitmine ranks as the second-largest public crypto treasury company, behind Strategy, which holds 840,447 BTC valued at $65.8 billion — about 4% of bitcoin’s supply.
The latest purchase marks a noticeable step-up in pace. Bitmine has been adding ETH steadily since its founding, but the $81.5 million weekly haul is the largest since its early-July buying window. The firm has not publicly set a timeline for reaching 5% of Ethereum’s circulating supply. At 4.8%, it is close.
Lee’s framing of the rally as a launch signal rests on thin precedent. Two prior weeks above 30%, May 2025 and July 2021, form a narrow base for a directional call. The May 2025 episode did precede a sustained ETH run. The July 2021 case played out during a cycle peak that reversed within months.
What the buying does confirm is positioning, not prediction. A firm holding 4.8% of an asset’s circulating supply has limited incentive to call the top.
