TL;DR
- Bitmine acquired 53,501 ETH last week for approximately $131.3 million, its largest purchase since June.
- The company now holds 5,901,112 ETH, equivalent to around $14.5 billion, representing 4.9% of Ethereum’s total supply.
- Tom Lee cited cryptocurrencies’ outperformance in the third quarter as a catalyst for greater institutional adoption.
Bitmine Immersion Technologies recorded its largest purchase of Ethereum since June after acquiring 53,501 ETH last week, valued at approximately $131.3 million at around $2,455 per token.
The transaction marks the second consecutive weekly increase in its purchases and brings the company’s total holdings to 5,901,112 ETH, a position that at the current price is equivalent to around $14.5 billion.
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BitMine provided its latest holdings update for August 31, 2026$11.8 billion in total crypto + "moonshots":
– 5,901,112 ETH at $2,511 per ETH per ETH (per @coinbase)
– 211 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $81 million stake in Eightco…— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) August 31, 2026
Only 134,000 ETH to Go
The transaction contrasts with the behavior observed during July and August, when weekly purchases fell on several occasions below 10,000 ETH. During that period, Bitmine had moderated its accumulation pace as it was beginning to approach its self-imposed target of controlling 5% of Ethereum’s supply.
With its current 5,901,112 units, Bitmine holds 4.9% of the total supply of 120.7 million tokens. To reach the 5% threshold, the company needs to add approximately 134,000 additional ETH.
Bitmine has spent 65 consecutive weeks buying ETH since the launch of its Ethereum treasury strategy in June 2025. In addition, it has approximately 5.07 million ETH staked, equivalent to 86% of its holdings, with a projected annualized staking income of approximately $335 million at current yields.
Institutions in Bitmine’s Sights
Ethereum posted a 55% gain in August, and bitcoin climbed 34%, comfortably outpacing the major U.S. stock indices. Tom Lee, the company’s chairman, noted that this differential performance could attract more institutional capital. “We believe this sets the stage for institutions to increase their positions in cryptocurrencies, given the substantial outperformance of cryptocurrencies versus other macro assets in the third quarter so far,” he stated.
Lee also identified as possible catalysts the eventual September vote on the Clarity Act, a market structure bill in the United States, and new demand from Korean investors. Over the longer term, tokenization and the use of blockchains by artificial intelligence agents are, according to the executive, factors that will structurally benefit Ethereum.
