Tom Lee's Bitmine buys $131 million of ETH, largest since June

Bitmine Immersion Technologies acquired 53,501 ETH worth about $131 million last week. The purchase was the largest Ethereum purchase since June. Chairman Tom Lee promoted crypto's strong third quarter. Bitmine said its Ethereum holdings reached 5,901,112 ETH on Monday. The holdings were valued at about $14.8 billion using a reference price of $2,511 per coin. The holdings represented 4.9% of Ethereum's total supply of 120.7 million tokens. Bitmine said it was 98% of the way toward its goal of controlling 5% of the network. Bitmine calls that goal the "Alchemy of 5%." Bitmine has bought Ethereum every week since launching its treasury strategy on June 30, 2025. The buying streak spans 65 weeks. Some recent purchases were smaller. Lee said Ethereum, Bitcoin and Solana were the top-performing assets since June 30. He said Ethereum outperformed the S&P 500 by 5,430 basis points so far this quarter. Lee argued that the outperformance could encourage institutions to add crypto exposure. Bitmine's total holdings reached $15.6 billion as of Saturday. The holdings included 211 Bitcoin. The holdings included $541 million in cash and marketable securities. The holdings included a $180 million stake in Beast Industries. The holdings included an $81 million position in Eightco Holdings. Bitmine remained the world's largest Ethereum treasury. Bitmine ranked as the second-largest crypto treasury overall, behind Strategy. Bitmine had 5,067,309 ETH staked through its MAVAN platform. The staked ETH represented about 86% of Bitmine's holdings. The staking was projected to generate annualized revenue of roughly $335 million. Lee identified the mid-September Clarity Act vote as one potential catalyst heading into year-end. Tom Lee is one of several investors in Decrypt's parent company, Dastan.