- Bitmine purchased another 27,180 ETH worth roughly $68 million last week, increasing its total holdings to 5,956,378 ETH.
- The company is approaching its goal of owning 5% of Ethereum’s roughly 122 million token supply, requiring about another 144,000 ETH to reach 6.1 million ETH.
- Chairman Tom Lee pointed to Ethereum’s improving performance against Bitcoin, tokenization and potential AI applications as factors supporting his outlook for ETH.
Bitmine Immersion Technologies has continued its aggressive Ethereum accumulation, purchasing another 27,180 ETH last week.
The acquisition was worth approximately $68 million based on Ethereum’s Monday price of just above $2,500.
Bitmine now holds 5,956,378 ETH, bringing the company closer to its goal of controlling 5% of Ethereum’s total supply.
With approximately 122 million ETH currently in existence, Bitmine would need roughly another 144,000 ETH to reach the 6.1 million token level associated with its target.
Bitmine Continues Weekly Ethereum Purchases
Bitmine maintained roughly the same acquisition pace as the previous week, when it also spent around $69 million adding to its Ethereum treasury.
The company has now purchased ETH every week since launching its Ethereum treasury strategy in June 2025.
If Bitmine continues accumulating at a similar pace, the remaining gap between its current holdings and its 5% target could continue narrowing.
The strategy has already made Bitmine the largest Ethereum-focused digital asset treasury firm.
Tom Lee Points to ETH Strength Against Bitcoin
Bitmine Chairman and Fundstrat founder Tom Lee highlighted Ethereum’s recent performance relative to Bitcoin as another positive development.
According to Lee, the ETH-BTC ratio recently climbed to its highest level since Jan. 30 and broke above a downtrend that had persisted since 2022.
“The price ratio of ETH to BTC moved to the highest level since Jan 30th of this year and established a new uptrend,” Lee said.
Lee believes the move reflects Ethereum’s growing role as infrastructure for Wall Street tokenization.
He also said Ethereum could eventually play an important role in managing agentic AI as autonomous systems become more widely used.
CLARITY Act Becomes Another Potential Catalyst
Lee also pointed to upcoming U.S. crypto legislation and renewed buying activity from Korean investors as factors worth watching.
A Senate vote on crypto market-structure legislation commonly known as the CLARITY Act is currently expected on Tuesday.
Progress on U.S. crypto regulation could provide additional clarity for companies and financial institutions operating across the digital asset industry.
For Bitmine, however, the immediate strategy remains unchanged. The company continues buying Ethereum as it moves closer to its goal of controlling 5% of the cryptocurrency’s supply.
