Tom Lee’s Bitmine Buys $123 Million More Ethereum as Treasury Tops 5.4 Million ETH

A 75,000 ETH Buy successful an Eight-Hour Window

Bitmine Immersion Technologies (NYSE American: BMNR) acquired 75,000 ether connected June 9 for astir $123 million, paying an mean of astir $1,640 per coin. The trades were routed done Kraken and FalconX implicit an eight-hour model and divided crossed 3 wallets, 2 of them freshly created for the purchase.

The bargain pushes Bitmine’s holdings supra 5.4 cardinal ETH, a stash the institution says represents much than 5% of the full ethereum supply, though immoderate onchain trackers spot the fig person to 4.6%. It extends a tally of ample 2026 purchases that already included 89,000 ETH for $197 million, 111,000 ETH for $237 million, and 127,000 ETH for $214 million.

Tom Lee’s wallet info showing his astir caller 75,000 ETH purchase, per Arkham Intelligence

Bitmine began arsenic a bitcoin mining cognition earlier pivoting to an ether treasury model, a displacement funded by a $250 cardinal backstage placement successful June 2025. The pivot has made it the world’s largest ethereum treasury and the second-largest crypto treasury overall, trailing lone Strategy Inc. (Nasdaq: MSTR) and its astir 845,256 BTC.

Tom Lee, the Fundstrat co-founder who chairs the company, calls the program the “Alchemy of 5%,” a people of controlling much than 5% of each ether successful existence. Bitcoin.com News reported successful April that Bitmine added 101,627 ETH worthy $233 million successful what was past its largest azygous accumulation of the year.

The backers down the strategy work similar a roster of crypto’s organization class, including Ark Investment Management’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, and Galaxy Digital, alongside Lee himself.

Staking the Hoard

Bitmine stakes a ample information of its holdings done MAVAN, its organization staking platform, earning a seven-day annualized output it has pegged adjacent 3%. The steadfast has projected that annualized staking gross could attack $270 cardinal erstwhile the full presumption is deployed.

That income watercourse sits astatine the halfway of Lee’s transportation that Bitmine is much than a passive wager connected ether’s price. He has tied semipermanent ether request to the growth of artificial quality (AI) systems and onchain finance, arguing that the network’s colony relation volition grow arsenic much economical enactment moves atop the blockchain.

The timing of the improvement stands retired arsenic it comes during 1 of crypto’s roughest stretches of 2026, with ether changing hands adjacent $1,630, good beneath the astir $2,135 mean Bitmine paid connected an earlier 111,000 ETH purchase.

Bitmine’s banal has tracked ether’s volatility intimately since the pivot, and shares thin to determination arsenic each disclosed bargain comes to light. Because the institution holds the azygous largest firm ether position, its purchases are indirectly work arsenic a proxy for organization condemnation successful the asset, magnifying some the upside and the downside of each accumulation.

Lee has repeatedly argued that buying done drawdowns strengthens his halfway concern thesis alternatively than weakening it; however, critics antagonistic that treasury firms trading astatine a premium to their underlying holdings basal to look immense unit erstwhile token prices fall, and that a sustained slump could constrictive oregon erase that premium.

The adjacent trial is whether Bitmine tin support buying done the downturn without straining its stock price, and however adjacent Lee tin propulsion the treasury toward his 5% extremity earlier year-end.