Bitmine Acquires $81 Million in Ethereum, Nears 5% Ownership Target

Bitmine Immersion Technologies has made significant strides toward its goal of owning 5% of all Ethereum by acquiring 32,447 ETH for $81 million. This latest purchase brings the company's total Ethereum holdings to around 5.9 million ETH, representing approximately 4.8% of the total ETH supply.

The acquisition occurred during a notable market rally, with Ethereum's price surpassing $2,500 and gaining over 30% in value over the past week. Bitmine's Chairman, Thomas Lee, expressed optimism about the potential for continued price increases, drawing parallels to previous market cycles that followed similar patterns.

Currently, Bitmine has staked over 5 million ETH, which constitutes 87% of its holdings, and the company anticipates generating around $330 million in annualized staking revenue. Overall, Bitmine's total assets, including cash and marketable securities, have grown to $14.9 billion.

Lee noted that the current rally is different from past movements, citing factors such as Wall Street's increasing interest in tokenization and the applications of agentic AI on blockchain technology. The firm has maintained a consistent purchasing strategy, acquiring ETH weekly since launching its treasury strategy in June 2025.