Bitmine Bags Another 27,562 ETH, Still $3.5B Away From Calling It Genius 💸

Bitmine Immersion Technologies, the Ethereum treasury company chaired by Fundstrat's Tom Lee, disclosed it acquired 27,562 ETH over the past week, bringing its total holdings to 5,983,940 ETH, or roughly 4.9% of the total Ethereum supply. The purchase continues a weekly accumulation pattern the firm has maintained since launching its ETH treasury strategy last year.

According to a company press release, Bitmine also staked 5,067,309 ETH, valued at approximately $13.6 billion. The latest buy comes two weeks after the firm added 27,180 ETH, which Lee had framed around the CLARITY Act as a potential catalyst for a year-end crypto rally; the subsequent cloture vote failed, yet digital asset markets have continued climbing.

Ethereum crossed the $2,700 level as part of a broader market move, with BMNR, the Bitmine stock, gaining more than 5% on the day. Despite the price recovery, on-chain tracker DropsTab data shows Bitmine remains sitting on an unrealized loss of just over $3.5 billion on its position.

The company has stated its long-term objective of ultimately controlling 5% of all ETH in circulation, a target that now sits within roughly 0.1 percentage points of being reached based on current supply figures.