Bitmine Immersion Technologies, led by Tom Lee, recently bought $81 million worth of Ethereum. This is their largest weekly ETH purchase since early July. Last week, the company added 32,447 ETH. This action took their total to 5,847,611 ETH, worth about $14.6 billion.
Bitmine made this purchase when ETH reached $2,500 and rose more than 30% in one week. Right now, the company holds about 4.8% of all Ethereum. They are just 187,000 ETH short of their goal of owning 5% of the total supply.
BitMine provided its latest holdings update for August 24, 2026
$14.9 billion in total crypto + “moonshots”:
– 5,847,611 ETH at $2,440 per ETH per ETH (per @coinbase)
– 210 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $89 million stake in Eightco Holdings…— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) August 24, 2026
As Bitmine gets closer to its goal, it has slowed down its purchases in recent months. However, Lee says the company has added ETH every week since announcing its Ethereum Treasury plan in June 2025.
To reach 5% ownership of Ethereum’s current supply of about 120.7 million tokens, Bitmine needs 6.04 million ETH. With this latest purchase, the company is now much closer to that goal.
The renewed buying comes at a time when Ethereum has enjoyed a strong price recovery. ETH gained roughly 30% over the past week, prompting Lee to suggest that the rally could have more room to run.
The $ETH weekly gain of 30% historically signaled a larger upward move for @ethereum in weeks ahead https://t.co/QwdyLVb134
— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) August 24, 2026
Lee cited two other instances in which Ethereum increased by over 30% in a single week. In such instances, ETH gained 170% after the May 2025 spike and 167% after the July 2021 rise. Such past trends do not, however, ensure that Ethereum will replicate similar successes this time.
According to Lee, several broader trends could support Ethereum in the coming months. He highlighted easier financial conditions, Wall Street’s growing interest in tokenising assets and the possible use of blockchains by AI agents. He believes these developments could also help Ethereum gain ground against Bitcoin.
Bitmine is also putting a large portion of its ETH holdings to work through staking. The company has staked about 5.07 million ETH, representing roughly 87% of its total holdings. At current staking yields, Bitmine estimates that this could generate around $330 million in annualised revenue.
The latest purchase shows that despite slowing its accumulation pace, Bitmine has not abandoned its strategy. With ETH prices recovering and the company closing in on its 5% target, its treasury strategy remains firmly focused on building a large Ethereum position.
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