SKN | Tom Lee’s Bitmine Reaches 4.8% of Ethereum Supply After Another ETH Purchase

Bitmine Immersion Technologies, led by Fundstrat founder Tom Lee, has expanded its Ethereum treasury again, purchasing another 9,926 ETH and bringing its holdings to approximately 5.82 million tokens. The latest acquisition keeps Bitmine close to its stated target of controlling 5% of Ethereum’s supply, reinforcing the growing role of corporate treasuries in the institutional adoption of digital assets.

The purchase comes as Ethereum continues to attract attention from institutional investors, asset managers and publicly traded companies seeking exposure to blockchain infrastructure. Bitmine’s strategy also arrives amid broader debates over Ethereum’s long-term role in tokenization, stablecoins and financial-market infrastructure, making its accumulating position increasingly relevant to crypto-market participants.

Bitmine Moves Closer to Its 5% Ethereum Target

Bitmine acquired 9,926 ETH during the latest reporting period, lifting its holdings to approximately 5,815,164 ETH. Based on Ethereum’s total supply of roughly 120.7 million tokens, the company now controls approximately 4.8% of the network’s supply.

The latest purchase is smaller than some of Bitmine’s earlier acquisitions, but it extends a buying strategy that began in June 2025. The company needs roughly 219,836 additional ETH to reach its stated 5% target, assuming the overall supply remains around current levels.

At an ETH price near $1,893, the company’s Ethereum holdings would be worth approximately $11 billion. That scale makes Bitmine one of the largest corporate holders of Ethereum and gives its treasury strategy increasing significance for market liquidity and institutional sentiment.

The accumulation model resembles the corporate Bitcoin treasury strategy pioneered by other publicly traded companies, but Ethereum introduces an additional dimension because its holdings can potentially be used for staking and network participation.

Staking Turns Ethereum Holdings Into a Productive Treasury Asset

Bitmine has increasingly emphasized Ethereum staking alongside its accumulation strategy. Recent company disclosures indicate that more than 5 million ETH of its holdings have been staked, representing the majority of its Ethereum treasury.

That distinction is important for investors because Bitmine’s strategy is not based solely on potential appreciation in ETH. Staked Ethereum can generate network rewards, creating an additional source of revenue for a corporate treasury while the company maintains its long-term exposure to the asset.

Earlier company disclosures showed annualized staking revenue projections approaching approximately $250 million, depending on the amount of ETH deployed and prevailing network yields. However, staking returns can fluctuate, and the strategy introduces additional operational and liquidity considerations.

The approach therefore positions Ethereum as both a treasury asset and a potential source of recurring blockchain-based revenue. That model could become increasingly relevant as institutional investors evaluate digital assets according to both market exposure and underlying network economics.

Tom Lee Bets on Ethereum’s Role in the Next Crypto Cycle

Tom Lee has repeatedly argued that Ethereum’s long-term investment case extends beyond its role as a cryptocurrency. Bitmine has pointed to the growth of tokenization, stablecoins, decentralized finance and artificial-intelligence applications as potential drivers of demand for Ethereum infrastructure.

The company has also highlighted Ethereum’s position as the underlying settlement network for an expanding range of financial applications. As traditional financial institutions tokenize securities and other assets, demand for blockchain settlement and transaction infrastructure could become an increasingly important part of the Ethereum investment narrative.

For institutional investors, however, Bitmine’s strategy also illustrates the risks of concentration. A treasury holding approximately 4.8% of Ethereum’s supply remains highly sensitive to ETH price movements, staking economics and changes in the broader digital-asset market.

The strategy also creates an important distinction between Bitmine’s corporate equity and Ethereum itself. Investors in BMNR are exposed not only to ETH prices but also to the company’s capital structure, operating costs, financing decisions and ability to manage its treasury effectively.

Looking ahead, Bitmine’s progress toward its 5% Ethereum target, staking revenue, ETH price performance and institutional adoption of Ethereum-based infrastructure will be key metrics to watch. The latest purchase demonstrates that the company remains committed to its accumulation strategy despite market volatility. Whether the approach ultimately creates durable shareholder value will depend on Ethereum’s long-term network demand, staking economics and Bitmine’s ability to manage one of the largest corporate crypto treasuries in the market.