Bitmine, an Ethereum-focused treasury firm led by Tom Lee, increased its Ethereum holdings by 26,497 ETH last week, bringing its total to 5,416,901 ETH. This amount now represents nearly 4.49% of the entire Ethereum supply, edging the company closer to its ambitious target of holding 5% of all ETH in circulation.
The firm’s aggressive accumulation strategy followed a previous large purchase of 111,942 ETH earlier this year. Bitmine also revealed that it has staked approximately 4.7 million ETH, which is the largest amount staked by any entity. This staked portion equals 87% of its total ETH holdings and is currently valued around $9.5 billion. The company projects annual staking rewards could reach $296 million, underlining its confidence in Ethereum’s long-term protocol incentives.
Despite these moves, Bitmine is sitting on an unrealized loss north of $8 billion due to the slump in Ethereum prices, with the average acquisition price around $3,484 per ETH. This falls in line with a broader bearish trend across the crypto market, which has pushed Bitmine’s stock (BMNR) down more than 3% at market open and mirrors Ethereum’s price decline over the past week. Tom Lee commented that while the current ETH price does not reflect the improving fundamentals, it aligns with an early phase of a new crypto cycle he describes as ‘crypto spring.’
Bitmine remains the second-largest digital asset treasury after Michael Saylor’s Strategy, which has recently reduced its Bitcoin holdings. Looking ahead, Lee reaffirmed that the firm aims to achieve its goal of controlling 5% of Ethereum’s supply by 2026, signaling continued commitment to accumulation despite current market headwinds.