Bitmine Acquires 53,501 ETH in Largest Purchase Since June

Bitmine Immersion Technologies purchased 53,501 ETH, valued at approximately $131 million, in its most significant Ethereum acquisition since June. The NYSE-listed company announced the transaction on Monday, a move that coincides with chairman Tom Lee's assertion that the crypto sector is experiencing a strong third quarter.

The purchase brings Bitmine's total Ethereum holdings to 5,901,112 ETH. Using a reference price of $2,511 per coin, the company values this stash at roughly $14.8 billion. This amount represents 4.9% of Ethereum's total supply of 120.7 million tokens. Bitmine described this milestone as being 98% of the way toward its objective of controlling 5% of the network, a target the firm refers to as the "Alchemy of 5%."

This accumulation extends an unbroken streak of weekly purchases. Bitmine has bought Ethereum every week since launching its treasury strategy on June 30, 2025. The streak now spans 65 weeks, despite some recent acquisitions involving smaller sums. Lee noted that Ethereum, Bitcoin, and Solana were the top three performing assets since June 30. He argued that Ethereum outpaced the S&P 500 by 5,430 basis points in the current quarter, a performance he believes sets the stage for institutions to increase crypto exposure.

Including cash, other tokens, and "moonshot" investments, Bitmine's total holdings reached $15.6 billion as of Saturday. This aggregate figure covers 211 Bitcoin, $541 million in liquid assets and marketable securities, a $180 million investment in Beast Industries, and an $81 million holding in Eightco Holdings. The company remains the world's largest Ethereum treasury and ranks as the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy.

Strategy recently resumed its own buying activities after a two-month pause. The firm acquired about $370 million in Bitcoin in its first purchase since June. This move followed a market rally that turned Strategy's holding of 840,447 BTC into a paper profit of roughly $2.8 billion after the position had been underwater for much of the summer. Saylor's firm currently holds around $66 billion in Bitcoin.

Bitmine continues to generate income through staking. The company has staked 5,067,309 ETH, which constitutes about 86% of its holdings, through its MAVAN platform. This activity yields projected annualized revenue of approximately $335 million. Looking ahead to year-end, Lee identified the mid-September vote on the Clarity Act as one of several potential catalysts for the sector.