Bitmine’s Massive $10.5B Ethereum Treasury Nears 5% Supply Goal with 61,000 ETH Purchase
In a landmark move signaling aggressive institutional accumulation, crypto investment firm Bitmine has added 60,999 Ethereum to its balance sheet this week, building a staggering $10.5 billion treasury that now represents 3.8% of the asset's total supply. The purchase—the firm's largest weekly acquisition of 2026—pushes Bitmine's total holdings to nearly 4.6 million ETH, dominating its $11.5 billion portfolio and placing it on the precipice of its long-term goal to control 5% of all Ethereum.
Why is Bitmine aggressively purchasing ETH?
Bitmine initially rose to prominence as a blockchain company focused on immersion-cooled Bitcoin mining centers. Under the leadership of the company’s new chairman and public spokesperson, Tom Lee, it has since pivoted to an Ethereum-focused investment strategy. This change in direction has now positioned them among the world’s largest institutional holders of ETH.
Tom Lee is incredibly bullish on Ethereum, notably because he believes it is becoming the base layer for tokenized finance. Credibility for this idea exists in the recent tokenization push to bring real-world assets on-chain, as most major financial institutions involved in this initiative are building on the Ethereum blockchain.
Tokenization is projected to be a multi-trillion-dollar industry by 2030, which could bring unprecedented value to ETH so long as it remains the foundation of this movement. Additionally, unlike Bitcoin, ETH’s proof-of-stake (POS) system allows holders to earn yield on their investment. This has the potential to generate more capital for Bitmine over time as opposed to holding BTC. According to Bitmine, a large share of its Ethereum holdings is currently staked and generating $180 million in annual revenue.
Tom Lee remains bullish on ETH despite losses
Tom Lee believes that crypto markets are approaching the end of what he described as a “mini-crypto winter.” If this belief holds, it will certainly justify the firm’s rapid accumulation of Ethereum, as its current low prices could be seen as a discount. Ethereum is down 22% since the start of the year and is currently trading at roughly 55-60% below its all-time-high of $4,950 in August 2025.
Lee has obviously remained unfazed by this decline in value, even as Bitmine’s estimated total losses currently exceed $6 billion. Regarding current market conditions, Lee stated in an interview that the Iran war has had little impact on cryptocurrency prices compared to other markets, such as oil.
He believes that fears of a global economic slowdown triggered by higher oil prices will prompt more investors to buy assets such as crypto and software stocks. Lee backed up this claim by stating that since the start of the Iran war, Ethereum has outperformed the S&P 500.
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