Bitmine Immersion Technologies (BMNR), the Ethereum treasury company chaired by Tom Lee—best known as the co-founder of equity research firm Fundstrat and a prominent commentator on U.S. stock markets—announced Monday that it purchased an additional 10,399 ETH—approximately $19.5 million—over the past week, extending a buying streak that began on June 30, 2025 and has made the firm the world's largest corporate holder of Ethereum.

The company now holds 5,797,813 ETH, valued at roughly $10.9 billion based on a price of $1,880 per token, according to CoinGecko. Including other crypto assets, cash, and investments, Bitmine's total holdings are valued at $11.3 billion.

The Ethereum stash represents approximately 4.8% of the network's circulating supply, placing Bitmine 96% of the way toward its stated goal of acquiring 5% of all ETH—a threshold that would make a single publicly traded company one of the largest stakeholders in the world's second-largest blockchain network by market capitalization.

Alongside the Ethereum purchase, Bitmine repurchased 4.5 million shares of common stock during the same week under its previously authorized $4 billion buyback program. Management cited attractive valuation as the rationale.

"Since Bitmine pivoted to an Ethereum Treasury strategy on June 30 of last year, sizable outperformance of ETH vs QQQ (monthly) has typically been followed by Bitmine's shares outperforming ETH over the following month," Bitmine Chairman Tom Lee said in a statement. "Hence, Bitmine repurchased 4.5 million shares of common stock in the past week, as Bitmine's management team continues to view Bitmine shares as attractively valued."

Lee also highlighted Ethereum's recent market strength, noting that ETH outperformed the Nasdaq 100 by 25 percentage points in July.

"This past week's 4.5 million buyback brings our total common equity repurchases to over 16 million common shares," Lee added. "This buyback remains the largest ever executed by any Ethereum, Bitcoin, or crypto DAT (Digital Asset Treasury). Since July 1, 2026, Bitmine has repurchased 16.1 million shares of common stock under the previously authorized $4 billion share repurchase program."

The acquisition continues a broader trend of publicly traded companies adopting digital asset treasury strategies—an approach popularized by MicroStrategy's leveraged Bitcoin purchases beginning in 2020—though Bitmine and others are increasingly gravitating toward Ethereum, wagering that holding and staking the asset can generate returns while providing investors with indirect exposure to digital assets. Unlike Bitcoin, Ethereum's proof-of-stake consensus mechanism allows holders to earn yield by locking tokens to help validate transactions and secure the network, a feature that makes the asset structurally distinct from Bitcoin as a treasury reserve.

Bitmine reported that approximately 4.9 million ETH—roughly 85% of its holdings—is staked through its institutional staking platform, MAVAN. The company projected annualized staking revenue of $247 million, an estimate that depends on future network conditions and other assumptions.

The buying streak has been sustained through several large purchases this year. In April, Bitmine announced what was then its largest Ethereum purchase of the year, acquiring 101,627 ETH and bringing its holdings to nearly 5 million ETH. In June, the company added another 126,971 ETH worth approximately $214 million during a broader crypto selloff, with Lee describing the market weakness as "superficial." In July, Bitmine purchased an additional $49 million worth of ETH after Lee pointed to early demand for Robinhood's Ethereum-based layer-2 network, Robinhood Chain, before later disclosing holdings of roughly 5.79 million ETH while expanding staking operations and share buybacks.

Ethereum's price has risen approximately 6% over the past 30 days, trading near $1,880 per coin with a market capitalization of roughly $255 billion. On Myriad, a prediction market developed by Decrypt's parent company Dastan, traders currently place approximately 75% odds that ETH will drop to $1,500 before rising to $3,000.