Bitmine Steps Up Ethereum Buying With $131M Purchase
Bitmine Immersion Technologies has accelerated its Ethereum buying for a second consecutive week, adding more than 53,000 ETH as the company bets on continued strength in the crypto market and growing institutional interest.
The latest purchase totaled 53,501 ETH, worth approximately $131.3 million based on Ethereum’s price near $2,455 on Monday. It comes just one week after Bitmine acquired another 32,447 ETH.
Following the latest transaction, Bitmine’s Ethereum treasury has grown to 5,901,112 ETH, with the holdings valued at around $14.5 billion at current market prices.
The renewed buying marks a notable change from earlier this summer. Bitmine had slowed the pace of its Ethereum accumulation several times in July and August, with weekly purchases dropping below 10,000 ETH as the company moved closer to its target of controlling 5% of Ethereum’s total supply.
That goal is now within reach.
Ethereum’s circulating supply stands at roughly 120.7 million ETH, putting the 5% threshold at about 6.04 million tokens. Bitmine therefore needs to acquire approximately another 134,000 ETH to reach its target.
The company’s latest buying spree comes after a strong August for digital assets. Ethereum has gained about 55% during the month, while Bitcoin has climbed roughly 34%. Both cryptocurrencies have significantly outperformed major U.S. stock indexes over the same period.
Bitmine Chairman Tom Lee believes that performance could encourage institutions to increase their exposure to digital assets.
“We believe this sets the stage for institutions to add to their crypto holdings,” Lee said, pointing to crypto’s strong performance against other major macro assets during the third quarter.
He also sees several potential catalysts for the remainder of the year. A possible vote on U.S. crypto market-structure legislation in September could provide greater regulatory clarity, while renewed interest from South Korean investors could add another source of demand.
Lee is also taking a longer-term view of Ethereum. He expects the growth of tokenization and blockchain-based applications operated by artificial intelligence agents to strengthen the network’s role in the digital economy.
Bitmine’s latest purchase also extends its remarkable accumulation streak. The company has now acquired Ethereum for 65 consecutive weeks since launching its Ethereum treasury strategy in June 2025.
The firm is not simply holding the tokens, either. Around 5.07 million ETH, representing approximately 86% of its holdings, has been staked. Based on current staking yields, Bitmine estimates that its staked Ethereum could generate around $335 million in annualized revenue.
With its treasury now just a fraction away from the 5% target, Bitmine’s next purchases could become an important test of how aggressively the company intends to expand its position in Ethereum.