BitMine Immersion Technologies (NYSE: BMNR) bought 42,197 ether this week, spending roughly $73 million to add to its already massive crypto treasury. The purchases, spread across the last seven days, bring the company's total ETH holdings to 5,742,237 — about 4.8% of the entire Ethereum supply. That makes BitMine one of the largest known corporate holders of the second-largest cryptocurrency.
A $73 million week
The buying spree was disclosed in a regulatory filing. BitMine did not specify the exact dates or prices, but the total outlay of approximately $73 million makes it one of the largest single-week ETH acquisitions by a publicly traded company this year. Based on the total amount, the average cost per ether was roughly $1,730. The company now holds more ether than many small nations.
A 4.8% stake in Ethereum
With 5.74 million ETH, BitMine controls a slice of the network that few entities can match. The total supply of ether is roughly 120 million coins, meaning BitMine's stash represents nearly one in every twenty coins in existence. That concentration has drawn attention from investors who track whale movements. It also raises questions about centralization, though BitMine has not indicated any plans to sell or stake the coins. The sheer size of the holding means any future sale could move the market.
The Fundstrat connection
BitMine is chaired by Tom Lee, co-founder of research firm Fundstrat. Lee is a well-known crypto bull who has long argued for institutional adoption of digital assets. His presence on the board gives BitMine a direct link to Wall Street analysis, though the company has not said whether Lee influenced the latest purchase. Lee's firm Fundstrat has been a vocal proponent of ether, calling it a key part of the digital asset ecosystem. The purchase aligns with Lee's public stance that ether is undervalued relative to its network effects.
The acquisition cements BitMine's position as one of the largest corporate holders of ether. With nearly 5% of the supply in its wallet, the company's next move will be closely watched by the market. For now, BitMine appears to be accumulating, not selling.


