BitMine Immersion Technologies has purchased an additional 10,399 Ether, worth approximately $19.1 million, extending its aggressive Ethereum accumulation strategy as Chairman Tom Lee reiterated his long-term conviction in the blockchain’s fundamentals.
The latest acquisition increases BitMine’s total Ether holdings to 5,797,813 ETH, reinforcing its position as the world’s largest publicly traded Ethereum treasury company. Based on Ethereum’s estimated circulating supply of approximately 120.7 million ETH, the company now controls about 4.8% of all Ether in circulation and is approaching its publicly stated objective of acquiring 5% of the network’s supply. The purchase forms part of BitMine’s ongoing weekly accumulation program. According to the company, it has added Ether every week since launching its Ethereum Treasury Strategy and continues to view the cryptocurrency as a long-term strategic reserve asset rather than a short-term trading position.
The additional purchase comes during a period of heightened volatility in digital asset markets, with Ethereum trading below recent highs. BitMine’s decision to continue buying despite weaker prices reflects management’s view that current market conditions underestimate the network’s long-term value.
Weekly Accumulation Strategy Continues
Alongside the Ether purchase, BitMine disclosed that it repurchased approximately 4.5 million shares of its common stock under its previously authorized $4 billion share buyback program, signaling confidence in both its digital asset strategy and its equity valuation. Tom Lee, co-founder of Fundstrat and chairman of BitMine, has repeatedly argued that Ethereum’s role as the leading smart contract platform, settlement layer for tokenized assets and foundation of decentralized finance gives it stronger long-term fundamentals than current market prices imply.
The company has also continued expanding its institutional staking operations through MAVAN (Made in America VAlidator Network). A substantial portion of BitMine’s Ether holdings has already been staked, allowing the company to generate recurring staking rewards while maintaining exposure to ETH’s long-term appreciation potential. Unlike traditional crypto miners, BitMine increasingly derives its investment thesis from holding and staking Ether rather than producing digital assets through mining operations.
Ethereum Treasury Race Intensifies
BitMine’s latest purchase comes as publicly traded companies increasingly adopt cryptocurrency treasury strategies, although most have focused on Bitcoin rather than Ethereum. By contrast, BitMine has positioned itself as an Ethereum-focused treasury vehicle, seeking to provide investors with leveraged exposure to ETH through a listed equity. The company’s strategy resembles Strategy’s Bitcoin accumulation model but is built around Ethereum’s broader utility, including staking income and decentralized finance infrastructure.
Supporters argue that concentrating such a large treasury in Ether provides shareholders with exposure to one of the most important blockchain ecosystems while generating additional yield through staking. Critics caution that the strategy also leaves the company highly exposed to Ethereum price volatility and changing network economics. Nevertheless, BitMine has shown little sign of slowing its accumulation program. The purchase of another 10,399 ETH demonstrates management’s willingness to continue adding to its holdings even as broader crypto markets remain volatile.
With nearly 5.8 million ETH now under its control, BitMine has moved closer to its ambitious goal of owning 5% of Ethereum’s circulating supply. Whether the company reaches that milestone this year will depend on both future purchases and changes in Ethereum’s circulating supply, but its latest acquisition reinforces its position as one of the largest institutional holders of the world’s second-largest cryptocurrency.