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Bitmine buys more ETH, raising its share of Ethereum supply to 4.8%

The Tom Lee-led company, trading as BMNR, increased holdings by 9,926 ETH last week and expects tokenization, AI-agent apps, and easing financial conditions to support Ethereum demand.

Reported · Written up by our desk · Market Structure

Bitmine, the Tom Lee-led crypto treasury company, bought another 9,926 ETH last week, pushing its total holdings to 5.815 million ETH worth about $11 billion at the current price of $1,904, according to CoinDesk. The purchases bring Bitmine to owning about 4.8% of Ethereum’s total supply, nearing the company’s stated 5% goal.

CoinDesk reports Bitmine made the buys through a weekly accumulation streak that began in June 2025, when the company launched the program. Lee also pointed to the ETH/BTC ratio breaking above a years-long downward trend as an indicator that investors may be starting to price in rising Ethereum demand tied to tokenization and AI-agent applications.

The company also referenced broader conditions for crypto, saying it expects easing financial conditions to act as a tailwind. CoinDesk further notes that Bitmine bought an additional 1.7 million shares of its own stock last week and now holds 20.8 million shares under a previously authorized $4 billion buyback program.

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