The treasury firm stepped up its ETH buying as Tom Lee said the crypto’s 30% weekly rally could signal a larger move ahead.
Bitmine Immersion Technologies, BMNR, the largest Ethereum treasury company, picked up the pace of its ether (ETH) purchases last week, buying 32,447 ETH after several weeks of more modest additions to its crypto treasury.
The purchase is worth roughly $81 million at Monday's ETH price of $2,500 and lifted Bitmine's holdings to 5,847,611 ETH. The entire stash is valued at about $14.6 billion at current prices.
BMNR is higher by 3.5% in pre-market trading as ETH climbs past $2,500.
The Tom Lee-chaired company had eased off its buying in recent months as it moved closer to its self-imposed goal of owning 5% of Ethereum's supply. Still, Bitmine hasn't stopped buying. The company has added ETH every week since launching its Ethereum treasury strategy in June 2025, according to Lee.
Its holdings now account for roughly 4.8% of Ethereum's 120.7 million token supply. At the current supply level, reaching the 5% target would require about 6.04 million ETH, leaving Bitmine roughly 187,000 tokens short of its target.
Lee sees more room to run
Bitmine’s pickup in acquisition pace came alongside a rebound in crypto prices, including ETH, which gained about 30% over the past week.
Lee argued the move could have further to run, pointing to two previous instances in which ETH appreciated by more than 30% in a week.
"In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH," Lee said.
He noted that ether subsequently gained 167% following a similar move in July 2021 and 170% after the May 2025 rally. Historical price patterns don't guarantee similar returns, however.
Lee said easier financial conditions, Wall Street's push to tokenize assets and potential blockchain use by AI agents could provide further support. He also expects those trends to help ether gain ground against bitcoin.
Bitmine puts most of its ETH to work through staking
Bitmine has also put most of its treasury to work through Ethereum staking. The firm has staked 5.07 million ETH, or about 87% of its holdings, and projects roughly $330 million in annualized staking revenue at current yields.
Ethereum's proof-of-stake network allows ETH holders to participate in securing the blockchain and earn staking rewards.
The strategy means Bitmine is pursuing more than simple ETH price exposure. By staking a large portion of its holdings, the company is attempting to generate additional revenue from its Ethereum treasury while maintaining exposure to the asset's potential long-term appreciation.
Bitmine is closing in on its 5% Ethereum target
With 5.847 million ETH already in its treasury, Bitmine is approaching its ambitious goal of controlling 5% of Ethereum's total supply.
Based on the 120.7 million ETH supply cited in the article, the company needs approximately 187,000 additional ETH to reach 6.04 million tokens.
That would make Bitmine one of the most significant corporate holders of Ethereum and further strengthen the emerging trend of companies building digital-asset treasury strategies around ETH.
The size of the position also makes Bitmine an important company to watch as institutional interest in Ethereum, staking and tokenized financial assets continues to develop.
Why Bitmine's ETH strategy matters
Bitmine's latest $81 million purchase highlights the growing role of corporate treasury companies in the Ethereum market.
The company's strategy combines ETH accumulation, staking income and long-term exposure to Ethereum's potential role in tokenization and financial infrastructure.
For ETH investors, the next major milestone will be whether Bitmine completes its push toward 5% of Ethereum's supply and whether other publicly traded companies adopt similar treasury strategies.
The broader impact could extend beyond Bitmine itself. If more companies begin accumulating and staking ETH, corporate treasury demand could become an increasingly important factor in Ethereum's market structure.
