Bitmine Immersion Technologies just added another 35,138 ETH to its balance sheet, spending approximately $58.65 million in the process. The purchase, executed through BitGo and Kraken wallets, pushes the company’s total Ethereum holdings to around 5.67 million tokens.
That’s roughly 4.7% of Ethereum’s circulating supply, held by a single public company.
The strategy behind the stockpile
Bitmine, trading under the ticker BMNR, has been on a sustained buying spree. This latest acquisition follows a $92 million ETH purchase just the week prior.
The company is led by Tom Lee, the Fundstrat co-founder who has long been one of the more vocal bulls in both traditional finance and crypto circles. Lee has framed the accumulation strategy around what he sees as undervalued Ethereum fundamentals, pointing to tokenization trends and what he’s called an impending “crypto spring.”
