Treasury firm Bitmine Immersion, led by Chairman Tom Lee, purchased an additional 9,926 ETH last week, bringing its total holdings to 5.815 million ETH—worth approximately $11 billion at a price of $1,904.
This figure represents about 4.8% of Ethereum’s total supply, nearing the 5% target previously announced by the company. This continues a weekly buying streak dating back to June 2025, when the company went public (ticker BMNR).
Lee explains this bet with a familiar yet notable thesis: the ETH/BTC ratio has broken its multi-year downtrend, which he interprets as a sign that investors are beginning to reprice Ethereum demand from tokenization and AI agent applications.
On the macro front, Lee also expects easing financial conditions to serve as a supportive factor for crypto.
What needs to be distinguished here: the steady accumulation of ETH by a large, public treasury is a concrete fact. However, “4.8% of supply” is both a noteworthy headline and a source of concentration risk—a single entity holding nearly 5% of an asset’s supply will be a factor to watch during periods of market stress.
In parallel, Bitmine also bought back an additional 1.7 million treasury shares last week, bringing the total to 20.8 million shares under its approved $4 billion buyback program.