BitMine buys another $73 million worth of ETH; its holdings as a share of circulating supply rise to 4.8%

Author: The Defiant Team

Compiled by: Deep Tide TechFlow

Deep Tide Primer: BitMine Immersion Technologies (NYSE: BMNR) bought 42,197 ETH over the past week, worth about $73 million. Its total holdings rose to 5,742,237 ETH, accounting for 4.8% of Ethereum’s circulating supply. The Ethereum treasury company, chaired by Tom Lee of Fundstrat, is steadily moving toward its stated 5% holdings target with a consistent weekly accumulation pace.

$73 million ETH accumulated in a week

BitMine Immersion Technologies (NYSE: BMNR), an Ethereum treasury company chaired by Fundstrat chairman Tom Lee, bought 42,197 ETH over the past week, worth about $73 million. According to the company’s Monday-disclosed holdings update, this purchase increased BitMine’s total ETH holdings to 5,742,237 ETH, or about 4.8% of Ethereum’s circulating supply.

In its official account disclosure, BitMine said its total crypto assets and other holdings are valued at $11 billion, including its ETH holdings valued at $1,800 per ETH, 206 BTC, a $180 million equity stake in Beast Industries, and a $71 million equity stake in Eightco Holdings (NASDAQ: ORBS). The company also holds $527 million in cash and marketable securities.

Staked holdings unchanged

Of note is that BitMine’s total staked ETH amount is 4,879,157 ETH, unchanged from the prior week—despite growth in total holdings, the company did not add to its staked positions.

This latest purchase continues the company’s long-running accumulation strategy, making BitMine the largest enterprise-level ETH holder. The Defiant previously reported that Lee publicly defended the company’s funding model in June (after insiders warned of a cash shortfall), and Lee has also defined crypto assets as a “wartime store of value” in public remarks.

At this pace, BitMine is steadily moving toward its stated goal—controlling 5% of the total ETH supply. BitMine stock trades on the New York Stock Exchange under ticker BMNR.

The $73 million buy size and the 4.8% share of the circulating supply remain consistent across data from multiple independent market trackers, even though BitMine’s official post did not separately list this week’s purchase amount from the cumulative total.