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Bitmine Immersion Technologies has been buying Ethereum (ETH) every single week for 14 months.
Its latest purchase, made between Aug. 17 and Aug. 23, added 32,447 ETHto its treasury. That brings the company’s total holdings to 5,847,611 ETH, worth approximately $14.7 billion at prices near $2,500.
The acquisition cost roughly $81 million at Monday’s market price. Bitmine did not disclose the average price it paid during the week. Including crypto holdings, cash, marketable securities, and other investments, the company’s total assets stood at $14.9 billion as of Aug. 23.
Bitmine’s 5,847,611 ETH represents about 4.8% of Ethereum’s circulating supply of 120.7 million tokens. The company has publicly stated a goal of owning 5% of the total supply. At the current supply level, that target would require approximately 6.04 million ETH, leaving Bitmine around 187,000 tokens short.
ETH Gains 30%, Matching 2 Prior Breakout Moments
Ethereum gained approximately 30% in the seven days ending Aug. 23. That is the sharpest weekly move since May 2025 and, before that, July 2021. Tom Lee, who chairs Bitmine, said those two historical instances matter to how he reads the current market.
After the July 2021 weekly surge, ETH went on to climb 167%. After the May 2025 move, it gained 170%. Lee acknowledged that historical patterns carry no guarantee of future results. He also tied the recent rally to a specific policy trigger: the US Treasury’s announcement that it would double its monthly purchases of certain longer-dated government bonds from $2 billion to $4 billion starting next month. ETH broke above $2,500 for the first time since January shortly after that announcement, per CoinMarketCap data.
Lee said broader macro tailwinds also support his outlook. He pointed to White House support for crypto, Wall Street’s growing interest inasset tokenization, and increasing discussion around AI agents running on blockchain networks as factors he expects to sustain demand for ETH.
Bitmine Stakes 87% of Its ETH Holdings
Bitmine has put 5,067,309 ETH to work throughstaking, representing about 87% of its total holdings. At a seven-day annualized yield of 2.67%, the company projects approximately $330 million in annual staking revenue. Lee said Bitmine has staked more ETH than any other entity globally, a claim that was not independently verified.
Beyond its ETH position, Bitmine also holds 210Bitcoin (BTC), worth approximately $16.6 million. It holds an $89 million stake in Eightco Holdings and a $180 million stake in Beast Industries as well. Cash and marketable securities add another $308 million to the balance sheet.
Related Article:The Next Ethereum Validator War Won’t Be Fought Over Staking Yield
Bitmine’s total investment in ETH exceeds $19.5 billion. As prices recovered, its unrealized losses narrowed to below $5 billion from more than $8.4 billion about one week earlier, according to DropsTab data. Among public companies holding ETH, Bitmine holds the largest position. SharpLink, led by Joe Lubin, ranks second with approximately 863,020 ETH. The Ether Machine holds around 496,712 ETH in third place, per SER data. Across all public crypto treasury companies, Bitmine ranks second by total value behind Strategy, which holds 840,447 BTC worth approximately $65.8 billion, equal to about 4% of Bitcoin’s fixed 21 million supply cap.
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Source: coinmarketcap.com