'Upside move in ETH was overdue,' Tom Lee says as Bitmine buys another 32,447 ether

Tom Lee-chaired Ethereum treasury company Bitmine Immersion's (BMNR) holdings have reached 5,847,611 ETH — worth around $14.7 billion at current prices — following its latest weekly acquisitions.

Bitmine bought another 32,447 ETH since its last update on Aug. 17, reporting its total crypto, cash, marketable securities, and other investments stood at $14.9 billion on Monday. Bitmine did not disclose the average purchase price, but at current prices, its latest acquisition is worth around $81.5 million.

"ETH gained 30% in the past week. This is the largest weekly gain since May 2025, prior to that it was July 2021. In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH. We expect easing financial conditions to be a tailwind for crypto," Lee said in the statement.

"We believe this upside move in ETH was overdue given the strengthening fundamentals in crypto, the multiple tailwinds of Wall Street tokenization, and agentic-AI. Moreover, the fact that the White House signaled support for crypto and the Treasury buying long-term bonds supported improved risk appetite," Lee added.

As of Aug. 23, Bitmine also holds 210 BTC ($16.6 million), an $89 million stake in Eightco Holdings, a $180 million stake in Beast Industries, and total cash and marketable securities of $308 million. The company's ETH holdings are equivalent to around 4.8% of Ethereum's current circulating supply, which sits at approximately 120.7 million ETH, according to The Block's ether price page.

Meanwhile, Bitmine's total staked Ethereum stands at 5,067,309 ETH ($12.7 billion).

"Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $381 million on an annualized basis (using 2.67% 7-day BMNR yield)," Lee said. "Annualized staking revenues are now projected at $330 million. And this 5.1 million ETH is 87% of the 5.85 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.67% (annualized)."

Largest Ethereum treasury company

Bitmine remains the largest Ethereum treasury holder, followed by Joe Lubin's SharpLink and The Ether Machine, with approximately 863,020 ETH and 496,712 ETH, respectively, according to SER data. Bitmine is also the second-largest public crypto treasury company overall, behind Michael Saylor's Strategy, which holds 840,447 BTC ($65.8 billion) — equivalent to around 4% of bitcoin's 21 million supply cap.