BitMine Still Gobbling ETH Weekly, Now Owns Nearly 5% Of Supply 🐳

BitMine Immersion Technologies has purchased another 10,399 $ETH, extending its streak of weekly Ethereum acquisitions since launching its ETH treasury strategy in 2024. The company, chaired by Fundstrat's Tom Lee, said in a press release that its holdings now stand at 5,797,813 $ETH, representing 4.8% of Ethereum's total supply.

The latest buy follows last week's announced purchase of 9,946 $ETH. BitMine also disclosed that it acquired 4.5 million shares of its own BMNR stock as part of an ongoing buyback program. BMNR shares were trading down nearly 2% in the wake of the announcements.

Lee reiterated the bullish case for Ethereum, noting that the second-largest cryptocurrency by market capitalization outperformed the Nasdaq 100 by 25% in July. "This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto," Lee said.

BitMine's combined treasury activity has positioned the firm as one of the largest corporate holders of $ETH, with its stack continuing to expand through consistent weekly accumulation. The company has not disclosed the average purchase price for the most recent tranche.