BitMine’s Ethereum Holdings Top 5 Million ETH After Largest Purchase Since December

The former Bitcoin miner turned Ethereum accumulation firm, chaired by Tom Lee, continues to increase its exposure to the world’s largest altcoin, now holding over 4.2% of its total supply.

The firm announced another major acquisition completed last week for 101,901 ETH, which was the single-largest purchase since December last year.

Over 5M ETH

Tom Lee outlined the increase to over 5 million ETH, which he categorized as a “major milestone” since the company is inching closer to acquiring 5% of the total supply. He also praised the pace of this stash growth, as it has taken less than a year to reach and exceed five million.

“Several recent research reports, including the latest research by Etherealize, argue [that] ETH is a ‘store of value’ and will be held as collateral as digital assets are increasingly used in financial transactions. This new role for ETH has arguably been demonstrated by its outperformance since the Iran War commenced. ETH has outperformed the S&P 500 by 1,696 basis points since the war started and remains the single best-performing asset in the world (besides crude oil prices),” he added.

He also doubled down on his belief that the ‘mini-crypto winter’ is in its final stages, which is why BitMine has accelerated its purchasing speed with the largest buy since December.

Lee added that Ethereum “continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains.” The company he chairs believes ETH continues to serve as the “best wartime store of value.”

BitMine has also staked just over 3.7 million ETH, currently worth nearly $9 billion at today’s prices.

Total Positions

In addition to its vast Ethereum fortune, BitMine’s total stash comprises the following positions: it owns a $91 million stake of Eightco, described as the “one of the only publicly-listed equities to give investors direct exposure to OpenAI,” cash holdings of $940 million, 200 BTC, and a $200 million stake in Beast Industries.

BitMine remains the world’s second-largest corporate holder of any cryptocurrency, trailing only Michael Saylor’s Strategy. Recall that the NASDAQ-listed firm announced another major purchase today, bringing its total BTC stash to 818,334 BTC, worth almost $64 billion at today’s prices.