Bitmine Immersion Technologies has expanded its Ethereum holdings with another major purchase, bringing the company closer to its goal of controlling 5 percent of the cryptocurrency’s circulating supply.
The company, chaired by Tom Lee, announced that it acquired 42,197 ETH over the past week. While the pace of buying is slower than earlier this year, when Bitmine completed several purchases exceeding 100,000 ETH, the firm continues to steadily grow its Ethereum treasury.
Bitmine Nears 5 Percent Ownership Milestone
According to the company’s latest treasury update, Bitmine held 5,742,237 ETH as of July 5, representing approximately 4.8 percent of Ethereum’s circulating supply of 120.7 million tokens.
At the time of the report, the holdings were valued at more than $10 billion based on an Ether price of around $1,800. However, with Ether later falling to roughly $1,740, the company is once again facing unrealized losses estimated at between $9 billion and $10 billion.
Beyond Ethereum, Bitmine also owns 206 BTC, holds $527 million in cash and marketable securities, and maintains strategic investments in Beast Industries and Eightco Holdings worth a combined $251 million.
Tom Lee Remains Bullish on Ethereum
Lee continues to express greater confidence in Ethereum than in Bitcoin, particularly if the proposed CLARITY Act becomes law in the United States. Many market observers believe the legislation could provide a stronger regulatory framework that would particularly benefit Ethereum and the broader digital asset industry.
Lee also reiterated his belief that the cryptocurrency market is entering the early stages of what he describes as a crypto spring, suggesting that the prolonged bearish cycle is nearing its end.
He said Bitmine increased its pace of Ethereum purchases during the past week and intends to maintain consistent accumulation throughout 2026. Lee added that the company expects to reach its objective of controlling 5 percent of Ethereum’s circulating supply sometime next year.
Bitmine remains the second largest corporate cryptocurrency holder, trailing only Strategy. The gap between the two companies narrowed slightly after Strategy recently sold more than 3,500 BTC.
Staking Strategy Generates Additional Revenue
Bitmine is also expanding its staking operations to generate recurring income from its Ethereum holdings.
The company has already staked nearly 4.9 million ETH, representing about 85 percent of its total holdings, through its institutional staking platform, MAVAN.
Based on the current staking yield of 2.68 percent, Bitmine estimates annual staking rewards of approximately $235 million. If the company eventually stakes its entire Ethereum portfolio, projected annual rewards could increase to around $277 million.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
