BitMine Adds $73 Million in ETH, Pushing Holdings to 4.8% of Supply

BitMine Immersion Technologies (NYSE: BMNR), the Ethereum treasury company chaired by Fundstrat's Tom Lee, bought 42,197 ETH worth roughly $73 million over the past week, according to the company's own holdings update posted Monday. The purchase lifts BitMine's total to 5,742,237 ETH, about 4.8% of Ethereum's circulating supply.

BitMine's own account put total crypto and other holdings at $11.1 billion, including the ETH position valued at $1,800 per coin, 206 BTC, a $180 million stake in Beast Industries and a $71 million stake in Eightco Holdings (NASDAQ: ORBS). The company also holds $527 million in cash and marketable securities, per the same update.

Staking Unchanged

BitMine's staked ETH total stood at 4,879,157, unchanged from the prior week, according to a tracker citing the company's disclosure. The company did not add to its staked position even as its overall ETH balance grew.

The purchase extends a buildup that has made BitMine the largest corporate holder of ETH. The Defiant previously covered Lee's public defense of the company's funding model in June, after an insider warned of a cash gap. Lee has also framed crypto as a "wartime store of value" in prior remarks.

The weekly accumulation keeps BitMine on pace toward its stated goal of controlling 5% of ETH's total supply, a threshold the company has cited as a benchmark for its treasury strategy. BitMine's stock trades under ticker BMNR on the NYSE.

The $73 million figure and the 4.8%-of-supply calculation were reported consistently across several independent market trackers monitoring BitMine's disclosure, though the company's own post did not break out the weekly purchase amount separately from its cumulative total.