Tom Lee’s BitMine Buys $81M in Ethereum as ETH Breaks $2,500

Ethereum price has broken above $2,500 during the latest crypto market rally, while BitMine Immersion Technologies has made its largest weekly Ethereum purchase since early July.

The Tom Lee-chaired company purchased 32,447 ETH for approximately $81 million, bringing its total Ethereum holdings closer to its ambitious target of controlling 5% of Ethereum’s total supply.

BitMine Ethereum Holdings Reach $5.85 Million ETH

BitMine now holds approximately 5,847,611 ETH, worth around $14.6 billion at current prices.

The company's total treasury, including 210 BTC, investments in Beast Industries and Eightco Holdings, and approximately $308 million in cash and marketable securities, has reached $14.9 billion, up from $11.4 billion the previous week.

BitMine has continued accumulating Ethereum since launching its ETH treasury strategy in June 2025. Its current holdings represent roughly 4.8% of Ethereum's total supply, putting the company close to its publicly stated 5% target.

The company has therefore accumulated approximately 97% of the ETH needed to reach that milestone.

BitMine has also been staking a substantial portion of its holdings. Around 5,067,309 ETH, or approximately 87% of its Ethereum treasury, is reportedly staked through its Made in America Validator Network.

The company estimates that its staked ETH position could generate approximately $330 million in annualized revenue, although actual returns depend on network conditions and validator performance.

Tom Lee Remains Bullish on Ethereum

BitMine's latest purchase comes as Ethereum has delivered one of its strongest weekly rallies in months.

ETH traded around $2,511 on August 24, after gaining approximately 30% over the previous week. The move has outpaced Bitcoin, which gained roughly 22% during the same period.

Tom Lee has argued that the latest Ethereum rally could be different from previous short-term moves. He pointed to Wall Street's growing interest in tokenization, the expansion of agentic AI, improving U.S. crypto policy and easier financial conditions as potential catalysts for Ethereum.

Lee also noted that previous weekly Ethereum gains of similar magnitude were followed by much larger rallies, although historical patterns do not guarantee future performance.

BitMine continues to accumulate ETH even as prices rise, suggesting the company's strategy is based on long-term Ethereum adoption rather than simply buying during market weakness.

BitMine's Ethereum Strategy Gains Momentum

BitMine's latest purchase is particularly notable because the company is buying ETH despite the token already experiencing a substantial rally.

That differs from a strategy focused purely on buying market dips. Instead, the company appears to be treating Ethereum as a long-term treasury asset while simultaneously using staking to generate potential additional returns.

The strategy also builds on Lee's earlier argument that Ethereum could outperform Bitcoin as blockchain-based tokenization and AI applications expand.

Related: Altcoin Buzz previously reported that Tom Lee believes Ethereum could pull ahead of Bitcoin as the ETH/BTC ratio breaks its long-term downtrend, with tokenization and agentic AI among the catalysts he identified.

Will ETH Continue Higher?

The latest BitMine purchase comes at an important point for Ethereum.

ETH has already broken above $2,500 following a roughly 30% weekly rally, while institutional demand has also strengthened. Spot Ethereum ETFs recorded approximately $697 million in weekly inflows between August 17 and August 21, providing another potential source of support for the rally.

However, Ethereum's rapid advance also raises the possibility of short-term consolidation.

Whether ETH can sustain its move above $2,500 will be important for determining whether the latest rally develops into a larger uptrend. At the same time, BitMine's continued accumulation could reinforce the longer-term institutional narrative around Ethereum.

For now, Tom Lee and BitMine are doubling down on their Ethereum thesis, with the company's $14.9 billion treasury and near-5% ETH ownership target making it one of the most closely watched corporate Ethereum strategies in the market.