Tom Lee-chaired BitMine buys $81 million in Ethereum

BitMine bought 32,447 ETH for $81 million during Ethereum's rise above $2,500. The purchase was BitMine's largest weekly purchase since early July. BitMine's Ethereum holdings reached 5,847,611 ETH. The holdings were valued at about $14.6 billion at current prices. BitMine also held 210 Bitcoin. BitMine held $308 million in cash and marketable securities. The company reported stakes in Beast Industries and Eightco Holdings. Its combined treasury rose from $11.4 billion the previous week to $14.9 billion. BitMine has bought Ethereum every week since launching its treasury strategy on June 30, 2025. Its Ethereum holdings represented about 4.8% of the total supply. That position put BitMine about 97% of the way toward its stated 5% target. About 5,067,309 ETH, or 87% of its holdings, was staked through the Made in America Validator Network. BitMine projected about $330 million in annualized revenue from the position. The company said actual returns depend on network conditions and validator performance. ETH traded near $2,511 on August 24 after rising about 30% over the previous week. Bitcoin rose about 22% over the same period. Tom Lee said the move could reflect tokenization efforts, blockchain-based agentic AI applications, policy signals from Washington, and easing financial conditions.