- Bitmine Chair Tom Lee observed that Ethereum is emulating trends in July 2021 and May 2025 that led to ETH’s 167% to 170% rally.
- The company now owns a total of 5.85 million ETH, accounting for approximately 4.85% of Ether’s circulating supply.
Bitmine Immersion Technologies’ (BMNR) unrelenting weekly Ethereum (ETH) acquisitions that proceeded even when prices fell to roughly $1,500 per token last June have paid off. Recent market tailwinds have significantly narrowed its unrealized losses on the asset.
Bitmine’s Ethereum Holdings
On Monday, Bitmine disclosed that it bought 32,447 ETH over the past week. The move signaled its largest token acquisition since mid-July, and it came just in time for the asset’s dramatic climb following the much-hyped round table meeting at the White House involving US President Donald Trump, key cabinet members, regulators, and executives from crypto, AI (artificial intelligence), and fintech sectors.
Bitmine didn’t disclose the exact amount at which it executed the purchases, but it valued them at around $2,440 per ETH at the time of its report. It led to a significant increase in its digital asset treasury (DAT) holdings to 5,847,611 ETH, accounting for roughly 4.85% of Ethereum’s 120.68 million circulating tokens. This edges the company closer to achieving its goal of capturing 5% of all Ether in circulation under its “Alchemy of 5%” program.
The institution’s Ether reserves stack up with its 2010 Bitcoin (BTC) holdings, $89 million stake in Eightco Holdings (ORBS), $180 million stake in Beast Industries, and $308 million in total cash and marketable securities.
Along the way, Bitmine has staked almost 87% of its Ether holdings to generate up to $330 million in annual staking revenues.
Potential 167%-170% Rally Up Ahead
Thomas “Tom” Lee, Chairman of Bitmine, claimed that Ethereum’s rally was long overdue, given the chain’s strong fundamentals. He also pointed out that the network has been in the spotlight for real-world asset (RWA) tokenization and the agentic AI (artificial intelligence) economy. Still, its price has yet to reflect its level of institutional adoption.
Meanwhile, Lee highlighted that Ether rallied by approximately 30% over the past week. It was the token’s largest weekly gain since May 2025, helping the company narrow its unrealized losses in the asset to around $5 billion as ETH touched the $2,500 range. He noted that Ether achieved the same feat in July 2021.
Lee recalled that during those two instances, Ether usually followed the trend with a larger movement. This resulted in a 167% uptrend in July 2021 and a 170% climb in May 2025. The latter culminated in the token’s all-time high of $4,953.73 per ETH in August 2025.
The Bitmine chairman believes that Ethereum’s momentum in RWAs and agentic AI, coupled with the White House’s strong support for crypto, will be instrumental in sustaining its native token’s surge to new heights.
