Bitmine, chaired by Tom Lee, disclosed the purchase of 101,745 ETH worth approximately $236.8 million last week. The acquisition pushed the company's total Ethereum holdings to 5,180,131 ETH, valued at roughly $12.06 billion and representing 4.29% of Ethereum's circulating supply.
Weekly Buys Push Holdings Past 5 Million ETH
The firm's Ethereum treasury program launched in June 2025. Within weeks, initial purchases surpassed 800,000 ETH. Over the following ten months, Bitmine scaled from zero to over five million ETH through consistent weekly buys. The company's internal strategy targets a 5% share of Ethereum's total supply. At the current weekly pace, that goal could be reached in about two months.
In addition to open-market purchases, Bitmine acquired 10,000 ETH directly from the Ethereum Foundation via over-the-counter transactions — the second such deal in recent weeks.
84% of ETH Holdings Staked, Annualized Revenue Nears $297M
Bitmine has staked 4,362,757 ETH, or roughly 84% of its Ethereum holdings. The staked assets are distributed across its proprietary MAVAN platform and external partners, supporting both institutional clients and the firm's own treasury operations.
According to company data, the 7-day annualized staking yield stands at 2.91%, translating to approximately $297 million in annualized revenue. This recurring income stream further fuels Bitmine's accumulation capacity.
OTC Deal With Ethereum Foundation Adds 10,000 ETH
Tom Lee stated that the firm will continue increasing weekly purchases based on its market outlook, noting Ethereum's relative performance since February. Prior to shifting focus to Ethereum in mid-2025, Bitmine held roughly 200 BTC as a treasury asset.
Beyond crypto, Bitmine holds stakes in Beast Industries and Eightco Holdings, along with $700 million in cash. Total assets across all holdings are approximately $13.1 billion. Bitmine uplisted to the New York Stock Exchange in April 2026 and trades under the ticker BMNR.