Bitmine buys 32,447 ETH as Tom Lee calls rally overdue

Bitmine Immersion added 32,447 ETH in its latest weekly acquisition. The purchase brought Bitmine's ETH holdings to 5,847,611 ETH, worth around $14.7 billion at current prices. Bitmine did not disclose the acquisition's average purchase price. The latest purchase is worth around $81.5 million at current prices. Bitmine reported total crypto, cash, marketable securities, and other investments of $14.9 billion on Monday. Tom Lee said ETH gained 30% in the past week. Lee said the gain was the largest weekly increase since May 2025. Bitmine held 210 BTC as of Aug. 23. Bitmine also held stakes worth $89 million in Eightco Holdings and $180 million in Beast Industries. Bitmine held $308 million in cash and marketable securities. Its ETH holdings equaled around 4.8% of Ethereum's approximately 120.7 million circulating ETH. Bitmine had staked 5,067,309 ETH, worth $12.7 billion. Lee said Bitmine's annualized staking revenues were projected at $330 million. Bitmine's own staking operations generated a 7-day yield of 2.67%.