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Tom Lee-led Ethereum treasury firm Bitmine Immersion Technologies bought 45,000 $ETH, valued at nearly $89 million, in two days as it pushes toward its goal of holding 5% of total supply, according to data tracked by Lookonchain.
Bitmine added 10,000 $ETH worth around $19.5 million on Thursday after stacking 35,000 $ETH for over $69 million in two separate transactions.
Lee, founder of research firm Fundstrat Global Advisors and chairman of Bitmine since June 2025, has steered the company away from Bitcoin mining toward an Ethereum-focused treasury model similar to Strategy’s approach with Bitcoin.
As of the latest update, the company held about 4.4 million $ETH or roughly 3.6% of total supply, with more than 3 million $ETH being staked. Its MAVAN staking solution is expected to launch this quarter.
Bitmine now ranks first among Ethereum treasury companies, ahead of SharpLink, The Ether Machine, Bit Digital, and Coinbase. Coinbase currently holds 151,175 $ETH after acquiring 2,460 $ETH last quarter.
Ethereum remains the dominant blockchain for smart contracts and decentralized finance applications, with its native token attracting growing institutional interest amid developments in stablecoins and tokenized assets.
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