9 min ago2 min readTom Lee, chairman of Bitmine and cofounder of Fundstrat, speaking at Consensus 2026 in Miami (CoinDesk)SummaryEthereum treasury firm Bitmine bought 32,447 ETH last week, worth about $81.2 million at current prices, its biggest weekly haul since early July.The firm now holds nearly 5.85 million ETH worth $14.6 billion, putting it close to its goal of owning 5% of Ethereum’s supply.Tom Lee said ether’s 30% weekly rally could have further to run, pointing to similar surges in 2021 and 2025.Bitmine Immersion Technologies BMNR$23,60·No fechamento, the largest Ethereum treasury company, picked up the pace of its ether ETH$2.513,30 purchases last week, buying 32,447 ETH after several weeks of more modest additions to its crypto treasury.The purchase is worth roughly $81 million at Monday's ETH price of $2,500 and lifted Bitmine's holdings to 5,847,611 tokens. The entire stash is valued at about $14.6 billion at current prices.BMNR is higher by 3.5% in pre-market trading as ETH climbs past $2,500.The Tom Lee-chaired company had eased off its buying in recent months as it moved closer to its self-imposed goal of owning 5% of Ethereum's supply. Still, Bitmine hasn't stopped buying. The company has added ETH every week since launching its Ethereum treasury strategy in June 2025, according to Lee.Its holdings now account for roughly 4.8% of Ethereum's 120.7 million token supply. At the current supply level, reaching the 5% target would require about 6.04 million ETH, leaving Bitmine roughly 187,000 tokens short of its target.Lee sees more room to runBitmine’s pickup in acquisition pace came alongside a rebound in crypto prices, including ETH, which gained about 30% over the past week.Lee argued the move could have further to run, pointing to two previous instances in which ETH appreciated by more than 30% in a week."In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH," Lee said. He noted that ether subsequently gained 167% following a similar move in July 2021 and 170% after the May 2025 rally. Historical price patterns don't guarantee similar returns.Lee said easier financial conditions, Wall Street's push to tokenize assets and potential blockchain use by AI agents could provide further support. He also expects those trends to help ether gain ground against bitcoin.Bitmine has also put most of its treasury to work through staking. The firm has staked 5.07 million ETH, or about 87% of its holdings, and projects roughly $330 million in annualized staking revenue at current yields.Related AssetsRelated StocksMarket Closed12345678910Anvil: The Missing Collateral LayerAnvil: The Missing Collateral LayerAnvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Jul 29, 2026Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Why it matters:Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.View Full Report