BitMine Nears 5% Of All Ethereum As Tom Lee Keeps Buying — ETH Hits One-Week High

Bankless Co-founder David Hoffman questioned where the next major source of ETH buying would come from after Bitmine’s rapid buildup.

• Bitmine disclosed on Monday $10.4 billion in assets, including 5.62 million ETH, giving it control of 4.66% of Ethereum.
• The company added 76,881 ETH over the past week and said it is maintaining a high pace of purchases despite Ethereum's recent pullback.
• Ethereum rose more than 10% as investors weighed Bitmine's continued accumulation.

Ethereum (ETH) rallied sharply on Monday, hitting its one-week high, as Bitmine Immersion Technologies (BMNR) disclosed a $10.4 billion crypto treasury, revealing that it now controls nearly 5% of the cryptocurrency's total supply.

The company announced that its ETH holdings now represent 4.66% of Ethereum's total supply of 120.7 million coins, bringing Bitmine 93% of the way toward its stated goal of accumulating 5% of all Ethereum. During the past week alone, Bitmine added 76,881 ETH, with Chairman Tom Lee saying the company is maintaining a high pace of purchases because it believes Ethereum's recent weakness does not reflect improving fundamentals.

Bitmine also disclosed that 4.72 million ETH, worth around $8.1 billion, is currently staked, generating projected annualized staking revenues of roughly $226 million. The company said its ETH treasury remains the largest in the world and trails only Strategy's (MSTR) Bitcoin (BTC) treasury among publicly disclosed crypto corporate holdings.

Ethereum’s price was up over 10% during the past 24 hours. On Stocktwits, the retail sentiment around ETH moved to ‘bullish’ from the ‘bearish’ zone, while chatter around it stayed in the ‘low’ levels over the past day.

Bitmine Expands Funding And Staking Operations

Alongside the treasury update, Bitmine said it recently closed a public offering of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock, raising over $273 million in net proceeds. The preferred shares are expected to begin trading on the New York Stock Exchange (NYSE) under the ticker “BMNP” on Tuesday.

The company also highlighted the expansion of MAVAN, its institutional Ethereum staking platform, which currently supports a portion of Bitmine's treasury and is intended to serve external institutional clients over time.

BMNR’s stock was up over 5% during mid-day trading hours. On Stocktwits, the retail sentiment around BMNR remained in the ‘bearish’ zone, while chatter around it stayed in the ‘low’ levels over the past day.

The Search For Ethereum's Next Buyer

The disclosure comes amid a growing debate over whether corporate treasury companies can become a durable source of demand for Ethereum.

Bankless co-founder David Hoffman highlighted that ETH had traded below its 200-week simple moving average for the first time in its history before recovering. 

Source: @TrustlessState/x

Referencing Bitmine's aggressive accumulation strategy, Hoffman wrote on X that Tom Lee had effectively poured billions of dollars into Ethereum and asked where the next major wave of buying would come from. "Where will the next $18 billion of buying come from?" Hoffman wrote, adding that he was "unsure."

Despite that skepticism, Bitmine remains bullish on Ethereum's long-term outlook. Tom Lee said he expects to reach its "alchemy of 5%" ownership target sometime in 2026 and argued that Ethereum continues to benefit from Wall Street's growing push to tokenize real-world assets on public blockchains and the increasing use of blockchain infrastructure by agentic AI systems.

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