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Bitmine Immersion, the largest Ethereum treasury company, purchased 10,399 ether worth approximately $19.1 million last week, extending its streak of weekly ETH acquisitions since adopting its Ethereum treasury strategy in June 2025. The purchase, at ETH's current price of around $1,840, lifted Bitmine's total holdings to almost 5.8 million ETH — roughly 4.8 percent of Ethereum's entire circulating supply. The company also bought back 4.5 million shares of its common stock, bringing total recent repurchases to 16 million shares.
Tom Lee's Thesis
Chairman Tom Lee, co-founder of Fundstrat, tied the company's aggressive accumulation to ether's relative strength against technology stocks. In July, ETH outperformed the Nasdaq 100 by 2,500 basis points — the largest outperformance since July 2025. "This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto," Lee said in a statement. He noted that the last time ETH posted a similar monthly outperformance, in July 2025, the second-largest cryptocurrency rallied from about $2,375 to more than $4,000 by the end of the following month. If that pattern repeats, ether could be poised for significant gains in August. Lee also argued that strong relative performance by ether has historically preceded gains in Bitmine's stock since the company pivoted to its Ethereum treasury strategy, suggesting a positive feedback loop between ETH price and BMNR shares.
A Contrasting Approach
Bitmine's aggressive ether accumulation stands in contrast to the strategy being pursued by Strategy, the largest corporate bitcoin holder, which has been selling bitcoin to manage its capital. While Bitmine is buying ETH, Strategy trimmed its bitcoin treasury by 1,638 BTC worth about $105 million last week. The divergence highlights the different approaches being taken by crypto treasury companies. Bitmine is betting on ether's outperformance and its potential to rally, while Strategy is monetizing its bitcoin holdings to fund preferred stock buybacks and common stock sales.
Financial Position
Bitmine's crypto, cash, and marketable securities totaled $11.3 billion as of August 2. Besides its ETH holdings, the company holds significant additional assets, providing a substantial financial cushion. The purchase was broadly in line with the previous week's 9,946 ETH acquisition, suggesting a systematic accumulation strategy rather than opportunistic buying. This consistency is notable given the volatile market conditions and suggests that Bitmine is executing on a predetermined allocation plan.
The Ethereum Treasury Trend
Bitmine has been steadily accumulating ether since June 2025, when it adopted its Ethereum treasury strategy. The company previously bought the dip during price declines and has continued purchasing even as prices have remained range-bound between $1,800 and $2,000. At 4.8 percent of Ethereum's circulating supply, Bitmine's holdings represent a significant concentration. This level of ownership gives the company substantial exposure to ether's price movements — both upside and downside — and raises questions about the potential market impact if the company were to change its strategy. For now, though, Lee's conviction appears unwavering. The weekly purchases continue, the stock buyback continues, and the bet on ether's relative strength remains firmly in place.
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