Bitmine Immersion Technologies has kept up a buying streak that now stretches back 14 months, adding another 32,447 ETH to its treasury in the week between August 17 and August 23. The purchase, worth roughly $81 million at Monday’s prices, pushes the company’s total holdings to 5,847,611 ETH — a stash currently valued at approximately $14.7 billion with Ethereum trading near $2,500.
That total puts Bitmine at about 4.8% of Ethereum’s circulating supply of 120.7 million tokens, edging it closer to a publicly stated goal of owning 5% of all ETH in existence. Hitting that mark at current supply levels would require around 6.04 million tokens, meaning the company is roughly 187,000 ETH short of its target. Including cash, marketable securities, and other investments alongside its crypto holdings, Bitmine’s total assets stood at $14.9 billion as of August 23.
A Rally Tom Lee Has Seen Before
The purchase comes as Ethereum posted its sharpest weekly gain since May 2025, climbing approximately 30% in the seven days ending August 23. Bitmine chairman Tom Lee has pointed to that figure as historically significant: a 30% weekly move of this scale has only happened twice before, in July 2021 and May 2025. Both instances were followed by much larger rallies — ETH gained 167% after the 2021 surge and 170% after the 2025 move.
Lee was careful to note that past patterns don’t guarantee a repeat performance, but he tied the current rally to a concrete catalyst: the US Treasury’s announcement that it will double its monthly purchases of certain longer-dated government bonds, from $2 billion to $4 billion, starting next month. Ethereum broke above $2,500 for the first time since January shortly after that announcement.
Lee also cited broader tailwinds supporting his bullish view, including the White House’s favorable stance toward crypto, growing Wall Street interest in asset tokenization, and rising discussion of AI agents operating on blockchain networks — all factors he expects to keep demand for ETH elevated.
Staking Nearly 90% of Its Holdings
Bitmine isn’t just stockpiling ETH — it’s putting most of it to work. The company has staked 5,067,309 ETH, or about 87% of its total holdings, generating a seven-day annualized yield of 2.67%. At that rate, Bitmine projects roughly $330 million in annual staking revenue. Lee claims Bitmine has staked more ETH than any other entity globally, though that figure has not been independently verified.
The company’s balance sheet extends beyond Ethereum. Bitmine also holds 210 Bitcoin (BTC), worth about $16.6 million, along with an $89 million stake in Eightco Holdings and a $180 million stake in Beast Industries. Cash and marketable securities add a further $308 million.
How Bitmine Stacks Up
Bitmine’s total investment in ETH now exceeds $19.5 billion. As prices have recovered, unrealized losses on that position have narrowed to below $5 billion, down from more than $8.4 billion just a week earlier, according to data from DropsTab.
Among publicly traded companies holding Ethereum, Bitmine’s position is by far the largest. SharpLink, led by Joe Lubin, holds the second-largest ETH treasury at approximately 863,020 tokens, followed by The Ether Machine with around 496,712 ETH, according to Strategic Ether Reserve data.
Looking across all public crypto treasury companies regardless of asset, Bitmine ranks second by total value. The top spot belongs to Strategy, which holds 840,447 BTC worth approximately $65.8 billion — equal to about 4% of Bitcoin’s fixed 21 million supply cap.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are volatile; readers should do their own research before making investment decisions. Adapted from reporting by Ayesha Aziz, CoinMarketCap Academy.