BitMine Buys Another $73M of ETH, Total Holdings Near 4.8% of Circulating Supply

BitMine Immersion Technologies (NYSE: BMNR) disclosed Monday that it purchased 42,197 ETH over the past week, a position the company valued at roughly $73 million. The firm, positioned as an Ethereum-focused treasury company and chaired by Fundstrat's Tom Lee, said the purchase lifted its total ETH holdings to 5,742,237 tokens, equivalent to about 4.8% of Ethereum's circulating supply. In the same holdings update, BitMine reported $11.1 billion in total crypto and other assets. The disclosure valued its ETH at $1,800 per coin and also listed 206 BTC, a $180 million stake in Beast Industries, and a $71 million stake in Eightco Holdings (NASDAQ: ORBS). The company also reported $527 million in cash and marketable securities. BitMine's staked ETH balance remained unchanged at 4,879,157, according to a tracker citing the company's disclosure. The firm increased its overall ETH balance without adding to its staked position. The latest purchase extends BitMine's ongoing accumulation, which has made it the largest corporate holder of ETH. The Defiant previously reported on Lee's defense of the company's funding model in June after an insider raised concerns about a cash shortfall. Lee has also described crypto in past remarks as a "wartime store of value". BitMine has said it is targeting control of 5% of ETH's total supply as a benchmark for its treasury strategy. Market trackers monitoring the company's disclosures reported the $73 million weekly figure and the 4.8% supply estimate consistently, though BitMine's own post did not separately itemize the week's purchase amount from its cumulative total.