Tom Lee’s BitMine Nears 4% of Ethereum Supply as ETH Price Hits Weekly High

In brief

• BitMine bought another 71,252 ETH last week or around $152 million worth.
• The firm now holds just shy of 4% of the circulating Ethereum supply, with more than 4.8 million ETH.
• Shares in BMNR are up Monday as ETH has jumped 5% in the last 24 hours.

Ethereum treasury firm BitMine Immersion Technologies continued its relentless accumulation of ETH, adding 71,252 ETH or $152 million worth in the last week. 

The purchase brings the firm’s total holdings to more than 4.8 million ETH, valued around $10.3 billion, which accounts for 3.98% of the entire circulating token supply. 

"The war has placed downward pressure on global markets, so it is impressive to see ETH as one of the few to rise on an absolute basis,” said BitMine Chairman Tom Lee, in a statement. “This is a great harbinger, as we expect ETH leadership to strengthen investors and eventually take cash off the sidelines.” (Disclosure: Lee is one of several investors in Dastan, the parent company of an editorially independent Decrypt.)

The firm’s Monday announcement comes on the heels of a 5.4% gain for Ethereum in the last 24 hours, recently changing hands around $2,145. Earlier Monday, ETH hit a weekly high price of $2,165.

At the current mark, the second-largest crypto asset has gained more than 8% in the last month of trading, significantly outperforming traditional indices like the S&P 500 and Nasdaq, which have fallen 2% and 1.80% in that time, respectively. 

“Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” added Lee.

Lee’s firm has also increased its position of staked ETH, with 69% of its total ETH holdings earning staking rewards. According to the firm’s estimates, when its full complement of Ethereum is staked, it will earn around $282 million in revenues annually from staking alone. 

Shares in the firm (BMNR) are up around 6% since the opening bell on Monday, recently changing hands at $20.64.

BMNR has now gained over 9% in the last month of trading, but remains down 67% in the last six months as Ethereum has slid nearly 57% from its all-time high of $4,946.