Bitmine, the Ethereum treasury firm tied to Tom Lee, bought 26,497 ETH this week. The purchase pushes its total holdings above 5.4 million ether — about 4.49% of the entire Ethereum supply. The company's stock, BMNR, has been sliding alongside ether's price.
Another 26,497 ETH
The exact date isn't public, but the addition is among the largest single buys for the firm in recent months. Bitmine now holds more than one of every 22 ether tokens in circulation. Tom Lee, the Fundstrat co-founder and prominent Ethereum bull, is associated with the firm's strategy. The company doesn't hedge. Its entire business model is built on accumulating and holding ether. That makes it a pure play on Ethereum's price — for better or worse.
BMNR's rough ride
Bitmine's stock has mirrored ether's recent decline. BMNR is down this quarter, reflecting the broader crypto sell-off. Because the firm's assets are almost entirely in ETH, its market cap moves in lockstep with the token. When ether drops, BMNR drops — often more sharply. The stock's performance underscores the risk of a single-asset treasury strategy. Unlike diversified miners or exchanges, Bitmine has no revenue streams outside its ETH stash.
That level of concentration is unusual. No other publicly traded company holds such a large share of a major cryptocurrency's supply. For now, the firm keeps accumulating. But its shareholders are feeling the same pain as the rest of the market — and then some.
