Bitmine added $92 million worth of Ethereum to its holdings this week, while the largest Ethereum treasury firm dialed back its pace of accumulation. Despite the slowdown, the firm says it remains on track to hit its goal of owning 5% of the total ETH supply.
The $92 million buy
Bitmine, a publicly traded crypto mining and investment firm, disclosed the purchase in a regulatory filing on Monday. The 32,000 ETH buy — worth roughly $92 million at current prices — brings Bitmine's total Ethereum stash to over 210,000 coins. The company has been steadily building its treasury since early 2025, and this latest acquisition suggests it sees more upside ahead.
Treasury firm's strategy
Meanwhile, the largest Ethereum treasury firm — which holds more ETH than any other corporate entity — has slowed its buying pace this month. The firm has been accumulating at a clip of roughly 15,000 ETH per week, down from about 25,000 ETH weekly in May. But a company official confirmed the target remains unchanged: owning 5% of the circulating Ethereum supply. That would require roughly 5.7 million ETH. The firm currently holds around 4.3 million coins, meaning it still needs to buy another 1.4 million ETH — a tall order, but the company insists it's on schedule.
Tom Lee's 'crypto spring'
Tom Lee, co-founder of Fundstrat Global Advisors, isn't backing down from his bullish call either. In a note to clients Tuesday, Lee reiterated his belief that the market is in a 'crypto spring' — a period of steady recovery and accumulation before a major rally. He pointed to improving on-chain metrics and institutional inflows as signals that the winter is over. Lee has been a vocal optimist through the downturn, and his latest comments land as Ethereum trades near $2,880, up 12% this month.
The timing isn't great for a buying slowdown, but the treasury firm's commitment to the 5% target suggests it sees this as a multi-year play — not a short-term trade. Bitmine's $92 million splash makes the same bet.
