Tom Lee’s BitMine Acquires 3.5% of Ethereum Supply as Treasury Surpasses 4.24M ETH Purchase

BitMine Immersion Technologies, led by Tom Lee of Fundstrat, has amassed a significant Ethereum portfolio, holding over 4.24 million ETH, equating to approximately 3.52% of the total circulating supply. The firm's aggressive acquisition strategy highlights its ambitions in the Ethereum market, even amidst fluctuating prices.

Key Takeaways

BitMine now controls 3.52% of Ethereum's supply with over 4.24 million ETH.
This position is valued at about $12 billion, making it the largest Ethereum treasury globally.
BitMine has been steadily accumulating ETH since late 2025, even as prices decline.
The company's long-term goal is to acquire 5% of Ethereum’s total supply.
BitMine is expanding its Ethereum staking operations to generate additional revenue.

BitMine’s Aggressive ETH Accumulation Strategy

BitMine Immersion Technologies, a publicly-traded firm on the New York Stock Exchange and chaired by Tom Lee from Fundstrat, has recently revealed a substantial stake in Ethereum. As of January 26, the company disclosed it holds 4,243,338 ether, which accounts for around 3.52% of Ethereum's total circulating supply—an impressive feat for a single entity.

The value of BitMine's ETH holdings approximates $12 billion, making it the largest Ethereum treasury globally and the second-largest cryptocurrency treasury after Strategy Inc., which possesses over 700,000 bitcoin.

Steady Growth Amid Price Fluctuations

BitMine's latest update illustrates the rapid growth of its crypto portfolio over the past six months. The company has shared weekly purchase data indicating a consistent accumulation of ETH since the end of October 2025, with notably significant purchases made in December.

In the week ending January 26, BitMine added over 40,000 ETH to its holdings, following a purchase of more than 35,000 ETH the previous week and multiple high-volume buys in December. Recently, the company capitalized on market dips by investing $110 million in Ethereum.

Despite a challenging market where ether prices have declined over the past month, BitMine's acquisition pace remains robust. Currently, Ethereum trades at $2,940.44, showing a small 2.0% rise in the last hour, indicating a resurgence of short-term buying interest.

Ethereum Chart

On a 24-hour scale, ETH has increased by 0.4%, suggesting relatively stable price movements despite broader market volatility. However, in the past week, its value has dropped by 8.4%, reaching a low of $2,787.

Ethereum Price Fluctuations

BitMine’s total assets, including crypto, cash, and equity, now amount to approximately $12.8 billion. This diversified holding includes 193 bitcoin, $682 million in cash, a $200 million stake in Beast Industries, and a smaller equity position in Eightco Holdings.

Aiming for 5% of Ethereum’s Total Supply

Trading under the ticker BMNR on NYSE American, BitMine's shares are currently priced at around $28.50, experiencing a minor decline. The accumulation of Ethereum is crucial to BitMine's long-term strategy, which aims to reach a target of 5% of the total Ethereum supply, referred to by the company as the "alchemy of 5%." To achieve this goal, BitMine would need to acquire approximately 6 million ETH, necessitating significant additional capital at current market valuations.

Expanding Staking Operations for Enhanced Revenue

BitMine is concurrently expanding its staking operations. As of January 25, the company has staked 2,009,267 ETH, valued at about $5.7 billion, which constitutes nearly half of its total holdings.

Staking Operations

With a composite staking rate of roughly 2.81%, BitMine anticipates that its staking strategy could yield annual fees of about $374 million, translating to over $1 million per day. Although the company currently relies on third-party staking services, it intends to introduce its infrastructure, the Made in America Validator Network (MAVAN), in early 2026.

Tom Lee views this Ethereum investment as a strategic long-term play, betting on the institutional adoption of blockchain technology. After discussions at the recent World Economic Forum in Davos, Lee highlighted a growing consensus among policymakers and business leaders about integrating traditional finance with crypto and artificial intelligence. He emphasized Ethereum's pivotal role in financial infrastructure and tokenization projects, reinforcing the notion that Wall Street is actively developing on this blockchain network.