Bitmine Immersion Technologies bought another $139 million worth of Ether, taking its total holdings to more than 4.6 million ETH. Chairman Tom Lee said Ether’s recent downturn may be nearing its end. The company has increased its buying pace over the past three weeks as it moves toward a goal of owning 5% of Ethereum’s circulating supply.
Lee made the remarks on Monday as Bitmine detailed its latest purchase of 65,341 ETH. He said recent market action and policy developments suggest conditions may be improving for the asset. He also pointed to crypto’s performance during recent geopolitical tensions involving Iran.
Bitmine now holds about 3.86% of Ethereum’s circulating supply. That supply stands at roughly 120.6 million to 120.7 million ETH, based on the figures cited in the text. The company remains the largest Ethereum treasury holder among public firms tracked in the market.
To reach its 5% target, Bitmine would need to buy about 1.4 million more ETH. At current prices, that would cost about $2.9 billion, according to CoinGecko data cited in the text. The company’s target would equal about 6.04 million ETH based on the current supply.
The firm has also committed a large share of its Ether to staking. More than three million ETH are currently staked. Ether does not have a fixed maximum supply, so the number in circulation can rise or fall depending on issuance and token burns.
Bitmine announced its crypto pivot eight months ago. Since then, it has built one of the largest digital asset treasuries in the public market. As a result, it now ranks second only to Michael Saylor’s Strategy among public crypto treasury companies overall.
Lee said crypto, and Ether in particular, has outperformed broader markets since the Iran war began. According to his statement, ETH rose 18% during that period and beat equities by 2,450 basis points. He contrasted that move with gold, which he said fell more than 15%.
He also cited the CLARITY Act’s progress in Congress as a positive sign for the sector. In his view, those developments support the case that the market’s “mini-crypto winter” may be nearing its final stage. Analysts have continued to debate when a broader rebound may take hold.
The text also notes the scale of the earlier market pullback. Bitcoin fell from an all-time peak above $126,000 in October last year. Ether also declined from its August high of $4,946, which added to uncertainty across the market.
What happens if one public company gets close to controlling 5% of Ether’s circulating supply?
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Bitmine leads the Ethereum treasury rankings, according to StrategicEthReserve data cited in the text. SharpLink Gaming follows with about 863,000 ETH. Ether Machine ranks third with about 496,000 ETH.
The company also disclosed other holdings. Those include 196 Bitcoin valued at $13.9 million, a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings, and total cash of $1.1 billion. The text describes Beast Industries as the media company founded by Jimmy "MrBeast" Donaldson.
Institutional backers named in the text include Cathie Wood’s Ark Invest, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. At the same time, the broader treasury trend has drawn caution. Standard Chartered expects some companies that pivoted to crypto in 2025 will not survive in the long term.
Bitmine added $139 million in Ether, lifting its holdings above 4.6 million ETH and bringing it closer to its 5% supply target. Tom Lee linked the move to improving market signals, stronger ETH performance, and growing institutional activity. The key takeaway is that Bitmine is deepening its Ethereum strategy.