Tom Lee's Bitmine Adds 27,084 ETH, Crosses 4.7% of Supply While Strategy Hits Pause on Bitcoin 🪙

Bitmine Immersion Technologies, the Ethereum treasury firm chaired by Tom Lee, acquired 27,084 ETH over the past week, bringing its holdings to just over 5.7 million ETH and representing 4.7% of the 120.7 million ETH supply. The purchase was disclosed in a press release and comes as Bitmine (BMNR) was added to the Russell 1000 index in its annual reconstitution. BMNR was recently trading at $13.21, down roughly 2.6% on the day, nearly 17% over the past five sessions and more than 91% below a 52-week high of $161 set shortly after the firm adopted its Ethereum treasury strategy last June.

The company has staked approximately 4.9 million ETH, worth around $7.7 billion at current prices, with the staked portion equating to 85% of its total ETH holdings. Bitmine projects annualized staking revenue of $211 million from those holdings and reported a 7-day staking yield of 2.75% annualized. Lee said the firm believes the market is in the early stages of a "crypto spring" and expects to reach the "alchemy of 5%" of ETH supply sometime in 2026, adding that the Russell 1000 inclusion should bring "hundreds, possibly thousands" of additional institutional equity owners.

"This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins," Lee said in a statement. Bitmine also holds around 206 BTC, worth $12.3 million, and disclosed that it back Ethlabs, a new nonprofit research and development lab for the Ethereum network, alongside competing treasury firm Sharplink.

ETH was recently changing hands at $1,567, down 22% over the past month and 68% below its all-time high of $4,946. Bitcoin (BTC) traded at $59,324, off 19% on the month and more than 52% from its all-time high of $126,080. Lee attributed the recent softness to quarter-end "window dressing," saying Bitmine "remains focused on the longer-term horizon" amid tailwinds like agentic payments and institutional adoption of crypto rails.

Meanwhile, Strategy (formerly MicroStrategy), the largest corporate Bitcoin holder, did not add to its BTC stash last week. The company unveiled a "Digital Credit Capital Framework" on Monday outlining conditions under which it could sell Bitcoin going forward and approved a program allowing sales of up to $1.25 billion in BTC to fund cash reserves, make payouts on products such as Stretch (STRC) or repurchase securities, as scrutiny intensified around its STRC preferred equity offering.