Bitmine buys ETH again last week. The company added 17,362 tokens to its treasury. Consequently, holdings reached 6,001,302 ETH. The firm now holds 4.9% of total supply. Therefore, it is 98% of the way to its 5% goal.
Why Bitmine buys ETH matters
The purchase follows a 27,562 ETH buy last week. Meanwhile, Ethereum rebounded from its yearly low. It reached as high as $2,700 last week. Chairman Tom Lee commented on the milestone. He called it a tremendous achievement. He noted it took just under 15 months.
“We are already seeing the synergies,” he added. He also cited positive network effects.
Bitmine buys ETH and stakes most holdings
Bitmine has staked most of its ETH. Total staked ETH stands at 5,067,309. That is worth nearly $14 billion. Its MAVAN network may generate up to $358 million. That is annualized revenue.
BMNR stock rises amid purchase
BMNR stock rose after the announcement. It trades around $27 at market open. It is up less than 1%, per TradingView. The stock is up over 13% in the last month. It rallied alongside ETH and the broader market.
Tom Lee expects more crypto gains by year-end. That could help BMNR stock. He sees affirming signs of a crypto bull market. He added that institutions remain underweight crypto. He expects them to add exposure in late 2025.
“With only a little more than a week left in 3Q26,” he said, “the outperformance of Ethereum continues to strengthen.”
