Bitmine crosses 6 million ether after $46m weekly purchase
Tom Lee's Bitmine Immersion Technologies added 17,362 ETH in a week to pass 6 million coins, worth over $16 billion, as it edges towards its goal of holding 5% of ether supply.
Key points
- Bitmine now holds 6,001,302 ETH, valued just above $16 billion at a recent price of $2,681 per coin.
- The Nasdaq-listed firm added 17,362 ETH, worth more than $46 million, over the past week.
- Its holdings equal over 4.9% of the roughly 122.087 million ETH in circulation, closing on a 5% target.
- Bitmine also holds 213 bitcoin, about $17.8 million worth, plus $672 million in cash and marketable securities.
- Strategy added 1,665 BTC, about $137.8 million worth, taking its treasury to 847,666 BTC.
Bitmine Immersion Technologies has pushed past 6 million ether after a fresh round of buying, the company said this week. The Nasdaq-listed firm added 17,362 ETH, worth more than $46 million, over the past week to take its total to 6,001,302 coins, according to Bitcoin.com News. At a recent price of $2,681 per coin, that stash is valued just above $16 billion.
The company is the largest publicly traded ether treasury and is inching towards a long-stated goal of holding 5% of the total ether supply. It now owns more than 4.9% of the roughly 122.087 million ETH in circulation. Bitmine also holds 213 bitcoin, worth about $17.8 million, along with $672 million in total cash and marketable securities, per press release statements.
Chairman Tom Lee called the milestone a tremendous achievement, noting the company had accumulated the total in under 15 months. He said Bitmine was already seeing synergies and positive network effects from holding close to 5% of ether's supply. Lee also said the company continues to see affirming signs that a crypto bull market is underway, having started in late June.
Bitmine passes six million
In Lee's view, institutions remain underweight crypto and are expected to add to their exposure in the final months of 2026. He pointed to ether's outperformance as a macro asset strengthening with a little more than a week left in the calendar third quarter. Ether has been one of the biggest beneficiaries of the recent crypto market bounceback, rising nearly 72% in three months against a nearly 43% gain for bitcoin.
Bitmine ranks second only to bitcoin giant Strategy among cryptocurrency treasury companies by holdings. Strategy also disclosed a purchase on Monday, saying it added 1,665 BTC over the last week, about $137.8 million worth. That company now holds 847,666 BTC, currently valued at over $70 billion.
Shares in Bitmine, which trades under the ticker BMNR, are up about 15% over the last month at a recent price of $27.25. The stock's six-month rise sits at around 49% as of the report. The figures underline how corporate treasuries have become a visible source of demand for the two largest cryptocurrencies.
Lee cites bull market
The disclosure places Bitmine among a small group of listed companies whose fortunes are tied closely to crypto prices. Its progress towards 5% of ether supply gives investors a clear measure of how quickly that strategy is being executed.