Tom Lee’s Bitmine Snaps Up Another $69M in ETH, Amassing Staggering $8.66B Holdings

Bitmine just dropped another $69 million on Ethereum—because why diversify when you can double down?

The whale move

Tom Lee’s crypto mining giant keeps stacking ETH like it’s going out of style. Fresh off the press: another massive purchase, pushing their total holdings to a mind-bending $8.66 billion. That’s not just a position—it’s a statement.

Timing the market—or ignoring it completely

While traditional finance still debates whether crypto is 'real,' Bitmine’s buying spree cuts through the noise. No hedging, no second-guessing—just pure conviction. They’re not waiting for Wall Street’s permission.

Ethereum’s institutional moment

This isn’t retail FOMO. It’s calculated, aggressive accumulation by players with deep pockets and even deeper belief in ETH’s value proposition. Smart contracts, DeFi, tokenization—Bitmine’s betting it all on the ecosystem.

What the skeptics miss

Sure, critics will call it reckless. But in a world where central banks print money like confetti, maybe loading up on hard-capped digital assets isn’t the craziest move. Even if it makes old-school portfolio managers sweat.

Bottom line: When a $8.66 billion stack speaks, the market listens. Whether it’s genius or greed, only time will tell—but for now, Bitmine isn’t asking for permission.

Bitmine Crosses 2M ETH, Controls Nearly 2% of Ethereum’s Supply

The purchase underlines Bitmine’s aggressive accumulation strategy. Data shows that Ethereum accounts for nearly the entirety of its $8.65 billion portfolio, positioning the firm as the largest corporate ETH treasury holder.

Other tokens in its portfolio are negligible by comparison, including minor holdings of MakerDAO’s MKR and a handful of experimental tokens with only a few thousand dollars in value.

Bitmine’s latest purchase follows a series of substantial buys over recent weeks. On September 11, the company received 46,255 ETH worth $201 million from a BitGo wallet across three addresses. A week earlier, on September 4, Bitmine acquired 80,325 ETH valued at $358 million from Galaxy Digital and FalconX.

These acquisitions have lifted its total stash well above 2 million ETH in circulation, equivalent to about 1.8% of Ethereum’s entire supply.

According to treasury reserve data, corporate and institutional entities now collectively hold about 4.99 million ETH worth $22.2 billion, representing 4.13% of the token’s circulating supply.

Bitmine leads this group with 2.15 million ETH, valued at $9.59 billion at peak pricing, followed by SharpLink Gaming with 838,000 ETH ($3.74 billion) and The Ether Machine with 495,000 ETH ($2.2 billion).

The Ethereum Foundation, by comparison, holds about 225,000 ETH, while Coinbase’s treasury sits at 136,800 ETH.

The scale of Bitmine’s holdings has drawn comparisons to Strategy’s long-standing Bitcoin strategy under Michael Saylor, where large corporate accumulation became a cornerstone narrative for BTC’s institutional adoption.

Bitmine appears to be positioning itself as Ethereum’s equivalent, building a multi-billion-dollar ETH balance sheet as a long-term treasury reserve.

Ethereum itself has been trading under pressure despite the accumulation. At the time of writing, ETH is changing hands at $4,465, down 2.8% in the past 24 hours and 4.2% over the week.

Ethereum Treasury Firms Expand Holdings Amid SPAC Deals and Buybacks

The competition among Ethereum treasuries is heating up as corporate strategies evolve under market pressure.

On September 17, The Ether Machine, an Ethereum-focused treasury firm, filed a draft registration statement with the SEC to go public via a merger with Nasdaq-listed SPAC Dynamix Corporation.

@TheEtherMachine has filed a draft registration statement with the SEC as it moves forward with plans to go public through a merger.#Ethereum #ETHhttps://t.co/vq7CHuD3Y7

The deal, first announced in July, is expected to close in the fourth quarter, pending shareholder approval. The company has built a sizable position of 495,362 ETH after adding 150,000 ETH in August.

Meanwhile, SharpLink Gaming announced the repurchase of 1 million shares at an average price of $16.67, part of its ongoing buyback program.

Since late August, the firm has repurchased nearly 1.94 million shares, citing undervaluation as the driver. SharpLink reported a net asset value of $3.86 billion, or $18.55 per share, and confirmed it carries no outstanding debt.

Analysts say Ethereum is emerging as the key beneficiary of the digital asset treasury (DAT) boom.

In a report this week, Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, argued that ETH-focused treasuries are better positioned than their bitcoin and Solana counterparts.

Standard Chartered said Ethereum has benefited more than Bitcoin or solana from digital asset treasury buying, citing stronger staking yields. #Ethereum #Bitcoin #treasurieshttps://t.co/p5yNkvvW87

Unlike Bitcoin, Ethereum and Solana generate staking yield, which supports higher valuations and long-term sustainability.

Since June, Ethereum treasuries have accumulated about 3.1% of the token’s circulating supply. With valuations for many DATs under pressure, consolidation is expected, but Ethereum-focused firms appear to be gaining ground.