The treasury firm stepped up its ETH buying as Tom Lee said the crypto’s 30% weekly rally could signal a larger move ahead.
Bitmine Immersion Technologies BMNR$23.51, the largest Ethereum treasury company, picked up the pace of its ether ETH$2,506.03 purchases last week, buying 32,447 ETH after several weeks of more modest additions to its crypto treasury.
The purchase is worth roughly $81 million at Monday's ETH price of $2,500 and lifted Bitmine's holdings to 5,847,611 tokens. The entire stash is valued at about $14.6 billion at current prices.
BMNR is higher by 3.5% in pre-market trading as ETH climbs past $2,500.
The Tom Lee-chaired company had eased off its buying in recent months as it moved closer to its self-imposed goal of owning 5% of Ethereum's supply. Still, Bitmine hasn't stopped buying. The company has added ETH every week since launching its Ethereum treasury strategy in June 2025, according to Lee.
Its holdings now account for roughly 4.8% of Ethereum's 120.7 million token supply. At the current supply level, reaching the 5% target would require about 6.04 million ETH, leaving Bitmine roughly 187,000 tokens short of its target.
Bitmine’s pickup in acquisition pace came alongside a rebound in crypto prices, including ETH, which gained about 30% over the past week.
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