Bitmine Immersion Technologies bought another 26,497 ETH last week, a purchase valued at about $52 million, lifting its total Ethereum holdings to 5.42 million ETH. Based on the figures cited in the report, that stockpile now accounts for roughly 4.5% of Ethereum’s circulating supply, putting the company close to its stated goal of holding 5% of total supply.
In an official statement, Bitmine chairman Tom Lee said Ethereum’s market price still does not reflect the strengthening of the network’s fundamentals. He described the current phase as the early stage of a “crypto spring.” The comment matches his recent public view that the market has not fully caught up with underlying changes in the sector.
Bitmine resumes large-scale accumulation
The report said Bitmine is currently the world’s largest corporate Ethereum reserve holder. Its 5.42 million ETH position is worth more than $10.5 billion at current prices. Earlier this year, the company bought more than 100,000 ETH per week for three straight weeks. Purchases slowed earlier this month, then picked up again last week with another sizable buy.
According to Bitmine’s post on X, the company launched its Ethereum treasury plan in July 2025. The target is 12.06 million ETH, equal to 5% of the stated total supply. The original report said progress has reached about 90%. The position is already massive, and the target remains unchanged.
Tom Lee points to three drivers for crypto
Speaking with CNBC, Lee said disappointment over recent crypto price action is understandable, especially as software stocks have risen without a matching move in digital assets. He argued that this kind of divergence is common near the end of a crypto winter.
He highlighted three supporting themes. The first is AI commercialization, where he said the evolution of AI systems will require decentralized identity verification. The second is Wall Street tokenization, which he said could improve the efficiency of capital movement across Bitcoin, Ethereum, and other smart contract platforms. The third is the AI agent economy, where transactions between AI agents would rely on decentralized ledgers. Lee also said that even with short-term pullbacks, the investment case for Bitcoin and Ethereum as future forms of money has not changed.
ETH trades near $2,000 after a weekly decline
ETH fell 4.7% over the past week, trading in a range of $1,963 to $2,126, with the token changing hands around $2,000 at the time cited in the report. Bitmine’s continued buying at those levels suggests the company still sees that zone as an acceptable area to build exposure.
The report also said Bitmine would need to acquire about 6.4 million more ETH to reach its 5% target by the end of 2026. At current prices, that would amount to about $12.8 billion. The buildout of a large-scale corporate ETH reserve, by that measure, is still in progress.