Bitmine Immersion Technologies quietly crossed a threshold that most crypto watchers didn’t see coming. The firm, led by Tom Lee, now holds 5.74 million ETH, roughly 4.8% of the entire circulating supply, after scooping up an additional 42,197 ETH for approximately $74 million in the week ending around July 5.
That makes Bitmine the largest corporate holder of Ethereum by a wide margin. And the buying isn’t stopping. The company has publicly stated it’s targeting 5% ownership of Ethereum’s total supply by year-end, meaning it’s about 95% of the way there.
The $10 billion ETH treasury play
At current prices hovering between $1,750 and $1,800, Bitmine’s total ETH stash is worth roughly $10 billion.
This isn’t a passive hold strategy. Bitmine has staked over 4.87 million of its ETH, generating yield while simultaneously reducing the liquid supply available on exchanges. The company has been accumulating aggressively for around 12 months, with weekly purchases ranging from tens of thousands to over 100,000 ETH depending on market conditions. Bitmine kept buying even when ETH hit its June low of approximately $1,565.
