BitMine Immersion Technologies bought another $81 million worth of Ethereum this week, adding 32,447 ETH in its largest weekly purchase since early July. The move brings the company's total stash to 5,847,611 ETH, roughly $14.6 billion, and pushes its combined treasury to $14.9 billion — up from $11.4 billion just seven days ago.
The timing tracks a sharp run-up in the asset. Ethereum climbed about 30% over the week, breaking above $2,500 and trading near $2,511 as of Monday. That's the coin's strongest weekly gain since May 2025, and it outpaced Bitcoin's roughly 22% move over the same stretch.
Its biggest buy since July
BitMine has now bought ETH every single week since June 30, 2025 — a streak of about 14 months. The company holds roughly 4.8% of all Ethereum in circulation, close to the 5% target it set for itself. About 97% of that goal is now met.
The company's steady hand has made it a structural buyer in the market. Each week, the purchase lands, the staking rewards accumulate, and the balance sheet gets a little bigger. There's no sign of a pause.
A staking machine
Of BitMine's total holdings, about 87% — some 5,067,309 ETH — is staked through its Made in America Validator Network. The operation projects annualized revenue of roughly $330 million from those staked assets.
That's the part of the model that doesn't rely on price appreciation. Whether ETH goes up or down, the network keeps earning. It also ties BitMine's fortunes to the long-term health of Ethereum itself, rather than to a one-off trade.
Why Lee says this rally is different
Lee framed this week's gain as historically significant, noting that similar prior moves in earlier cycles were followed by rallies exceeding 160%. He's also pointed to a specific set of drivers: Wall Street's push into tokenization, the expanding use of agentic AI on blockchain, supportive policy signals out of Washington, and easing financial conditions.
There's also a technical read floating around. A tweet cited in BitMine's own materials suggested that if ETH holds above $2,450, it could reach $3,000 within a few weeks. That's a fairly aggressive call, but it's in line with the momentum.
The open question is whether the streak holds. BitMine has now bought ETH every week for over a year, and it's closing in on its stated 5% supply target. Once it hits that ceiling, the cadence could change. The next weekly purchase will show how close it is to that limit.
