The former Bitcoin mining company turned Ethereum accumulation firm, chaired by Tom Lee, continues to expand its stake in the world’s largest altcoin and now holds more than 4.2% of Ethereum’s circulating supply.
The company disclosed another sizable purchase completed last week of 101,901 ETH, marking its largest single acquisition since December of last year.
Over 5M ETH
Tom Lee announced that the firm’s holdings have surpassed 5 million ETH, a milestone he described as significant as the company edges closer to controlling 5% of the total supply. He highlighted the speed of accumulation, noting it took less than a year to reach and exceed the five-million-token mark.
“Several recent research reports, including the latest analysis by Etherealize, argue that ETH is evolving into a store of value and will increasingly be used as collateral as digital assets are integrated into financial transactions. This role for ETH has been underscored by its strong performance since the Iran war began. ETH has outperformed the S&P 500 by 1,696 basis points since the conflict started and remains one of the best-performing assets globally (aside from crude oil),” he added.
Lee reiterated his view that the so-called “mini-crypto winter” is in its final phase, which has prompted BitMine to accelerate purchases, culminating in the largest buy since December.
He also emphasized that Ethereum benefits from dual tailwinds: increased tokenization activity by Wall Street participants and growing demand from agentic AI systems for public, neutral blockchains. BitMine’s leadership sees ETH as an effective “wartime store of value.”
In addition to its liquid holdings, BitMine has staked slightly more than 3.7 million ETH, a position currently valued at nearly $9 billion based on prevailing market prices.
Total Positions
Beyond its sizable Ethereum exposure, BitMine’s overall portfolio includes a $91 million stake in Eightco—one of the few publicly listed equities offering direct investor exposure to OpenAI—cash reserves of approximately $940 million, holdings of 200 BTC, and a $200 million investment in Beast Industries.
BitMine remains the world’s second-largest corporate holder of cryptocurrency, trailing only Michael Saylor’s company, MicroStrategy. That NASDAQ-listed firm recently reported another major Bitcoin purchase, bringing its total holdings to 818,334 BTC, worth nearly $64 billion at current prices.