- BitMine bought roughly 45,000 ETH in two days, worth nearly $89M
- The firm is pushing toward a target of holding 5% of total ETH supply
- Over 3M ETH is already staked, with MAVAN expected to launch this quarter
Tom Lee-led Bitmine Immersion Technologies just made another aggressive move in the Ethereum treasury race. According to Lookonchain-tracked data, the company bought around 45,000 ETH in just two days, valued near $89 million. The purchases included 10,000 ETH worth roughly $19.5 million on Thursday, after the firm accumulated 35,000 ETH for over $69 million across two separate transactions.
This isn’t casual buying. It’s a clear message that BitMine is still in accumulation mode, even while broader crypto sentiment remains shaky. And the speed matters. The company is acting like it’s trying to get ahead of a supply squeeze, not simply “add exposure.”
Tom Lee Has Fully Pivoted BitMine Into an Ethereum Treasury Company
Tom Lee, founder of Fundstrat and chairman of BitMine since June 2025, has effectively redirected the company away from its original Bitcoin mining identity. Instead, BitMine is now pursuing an Ethereum treasury model that mirrors what Strategy did with Bitcoin, but with a major twist.
Ethereum treasuries can earn yield. Bitcoin treasuries can’t. That one difference changes everything about the model, because it gives BitMine an operating layer instead of pure price dependency.
BitMine Already Holds 4.4M ETH and Wants 5% of Total Supply
As of the latest update, BitMine holds about 4.4 million ETH, roughly 3.6% of total supply. More than 3 million ETH is already staked, meaning BitMine isn’t just hoarding tokens. It’s actively running Ethereum like productive infrastructure.
The company’s stated ambition is to reach 5% of total ETH supply, which would be an astonishing concentration for a public-market entity. If it gets there, BitMine wouldn’t just be a big holder. It would be a structural player in Ethereum’s staking and liquidity dynamics.
MAVAN Is the Next Catalyst in the Yield Narrative
A key part of BitMine’s strategy is MAVAN, its staking solution expected to launch this quarter. MAVAN is important because it shifts the story from “BitMine owns a lot of ETH” to “BitMine can operate ETH at scale.”
Once staking becomes the primary revenue engine, the valuation debate changes. Investors stop asking only how much ETH the company holds, and start asking what kind of yield, uptime, and operational performance it can sustain through cycles.
BitMine Is Now the Largest Ethereum Treasury Company
BitMine now ranks first among Ethereum treasury companies, ahead of SharpLink, The Ether Machine, Bit Digital, and Coinbase. Coinbase, for context, reportedly holds 151,175 ETH after acquiring 2,460 ETH last quarter.
The bigger takeaway here is that Ethereum treasuries are turning into a competitive category. Companies aren’t just “holding ETH.” They’re racing to accumulate, stake, and position themselves as the public-market proxy for institutional ETH exposure.
The Ethereum Treasury Trade Is Becoming a New Institutional Lane
Ethereum remains the dominant smart contract blockchain, and its role in DeFi, stablecoins, and tokenized assets is driving rising institutional interest. That’s the macro backdrop BitMine is leaning into.
If Ethereum becomes the settlement layer for tokenized finance, then large ETH treasury firms begin to look less like speculative vehicles and more like infrastructure-linked balance sheets. BitMine’s buying spree suggests Tom Lee is betting that Wall Street will eventually price that distinction in.
