Tom Lee's BitMine nears 70% of Ethereum treasury target with latest 40,302 ETH buy

Ethereum treasury company BitMine Immersion's holdings have reached 4,243,338 ETH — worth around $12.3 billion at current prices — following its latest weekly acquisitions.

BitMine (Nasdaq: BMNR) bought 40,302 ETH since its last update on Jan. 20, reporting its total crypto and cash holdings stood at $12.8 billion on Monday. BitMine did not disclose the average purchase price, but at current prices, its latest ETH acquisition is worth around $117.1 million.

As of Jan. 25, BitMine also holds 193 BTC ($17 million), a $19 million stake in WLD treasury firm Eightco, total cash of $682 million, and a $200 million stake in MrBeast's Beast Industries — announced earlier this month. The company's ETH holdings are equivalent to around 3.52% of Ethereum's current circulating supply, which sits at approximately 120.7 million ETH, according to The Block's price page.

Meanwhile, BitMine's total staked Ethereum stands at 2,009,267 ETH — an increase of 171,264 ETH over the past week and nearly half its total holdings.

"BitMine has staked more ETH than other entities in the world," Chairman Tom Lee said Monday. "At scale (when BitMine's ETH is fully staked by MAVAN and its staking partners), the ETH staking fee is $374 million annually (using 2.81% CESR), or greater than $1 million per day."

BitMine is currently the largest Ethereum treasury holder, followed by Joe Lubin's SharpLink and The Ether Machine, with approximately 863,021 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 712,647 BTC ($62.5 billion) — equivalent to around 3.4% of bitcoin's total 21 million supply — following Strategy's latest $264 million acquisition announcement on Monday.

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Supported by institutional investors including Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, BitMine aims to acquire 5% of the circulating ETH supply, currently equivalent to approximately 6.04 million ETH.

Crypto in Davos

Policymakers and global business leaders gathered in Davos last week, where artificial intelligence dominated the official agenda, but discussions repeatedly turned to crypto and digital assets, with Lee suggesting the tone of conversations signaled a clear shift in institutional sentiment.

"One of my takeaways from listening to speeches and media reports from Davos, it is clear to me that Wall Street has embraced crypto and blockchain assets and sees the convergence of traditional assets and digital assets. And similarly between crypto and AI convergence," Lee said.

BitMine's stock gained slightly over the past week, rising 0.1%, according to The Block's BitMine price page. BMNR was down 2% in pre-market trading on Monday.