Bitmine Immersion Technologies, the NYSE-listed company chaired by Tom Lee, disclosed on Monday that it acquired 32,447 ether over the prior week. The purchase, valued at roughly $81 million with ether trading near $2,500, marks the firm’s largest weekly addition since early July and continues an unbroken buying streak that began on June 30, 2025.

The latest tranche raises Bitmine’s total ether position to 5,847,611 tokens, equivalent to approximately 4.8 percent of Ethereum’s circulating supply of about 120.7 million. The company is now roughly 97 percent of the way toward its stated target of holding 5 percent of the supply, a level that would require around 6.04 million ether and leave a shortfall of about 187,000 tokens at current figures.

Treasury Expansion and Staking Activity

Bitmine reported combined crypto, cash, marketable securities and other holdings of $14.9 billion. This figure includes the ether treasury valued near $14.6 billion at recent prices, 210 bitcoin, a $180 million stake in Beast Industries, an $89 million position in Eightco Holdings, and $308 million in cash and marketable securities.

The firm has staked 5,067,309 ether, representing about 87 percent of its total holdings. At current yields, Bitmine projects annualized staking revenue of approximately $330 million, with potential to reach $381 million once the position is fully deployed through its Made in America Validator Network platform and partners.

Ether Rally and Market Context

The accelerated buying coincided with a sharp rebound in ether prices. The cryptocurrency gained roughly 30 percent over the past week, its strongest weekly performance since May 2025 and, before that, July 2021. Ether recently traded above $2,500 for the first time since January and has outperformed bitcoin during the period.

Lee described the advance as overdue, citing improving financial conditions, growing interest from traditional finance in tokenizing real-world assets, potential use of blockchain rails by artificial intelligence agents, signals of White House support for crypto policy, and increased U.S. Treasury purchases of longer-dated bonds that have supported risk appetite.

He added that the ether-to-bitcoin ratio has historically risen during bull cycles driven by successive waves of network activity and that similar dynamics could emerge from Wall Street tokenization and agentic AI applications.

Share Performance and Balance Sheet Dynamics

Bitmine shares rose in response to the disclosure and the broader market move, with pre-market gains of about 3.5 percent reported alongside larger opening advances in some sessions. The stock has posted solid gains over the past six months.

Earlier accumulation during periods of lower prices left the company with substantial unrealized losses. Those paper losses have narrowed to below $5 billion from more than $8.4 billion roughly a week earlier, according to available data, after the firm had invested more than $19.5 billion in its ether treasury overall.

Bitmine remains the largest corporate holder of ether and ranks as the second-largest crypto treasury overall behind Strategy’s bitcoin position. The company has not indicated whether it will pause purchases once the 5 percent threshold is reached.