BitMine Immersion Technologies has acquired an additional 71,252 ETH valued at approximately $152 million over the past week, according to an announcement made on Monday. The purchase brings the firm’s total holdings to more than 4.8 million ETH, worth around $10.3 billion at current prices. That figure represents roughly 3.98% of the entire circulating supply of the token. The announcement coincides with a period of relative strength for Ethereum compared to broader financial markets.
Ethereum recorded a 5.4% gain in the 24 hours preceding the announcement, recently trading near $2,145. Earlier on Monday, the token reached a weekly high of $2,165. Over the past month, the second-largest crypto asset by market capitalization has risen more than 8%, outpacing traditional indices such as the S&P 500 and the Nasdaq, which fell 2% and 1.80% respectively over the same period.
Tom Lee, chairman of BitMine, pointed to global market pressures as context for Ethereum’s relative performance. “The war has placed downward pressure on global markets, so it is impressive to see ETH as one of the few to rise on an absolute basis,” Lee said in a statement. He described the price action as a positive signal, expressing expectations that Ethereum’s leadership position would attract further investor interest and draw capital from the sidelines.
Lee also cited structural factors he believes are supporting Ethereum’s value. He noted that Wall Street’s growing interest in tokenizing assets on the blockchain, combined with the increasing reliance of agentic AI systems on public and neutral blockchains, represents a dual tailwind for the network. These factors, in his view, position Ethereum favorably for continued institutional attention.
Beyond accumulating tokens, BitMine has also expanded its staking activity. Currently, 69% of the firm’s total ETH holdings are staked and earning rewards. The company estimates that once its full complement of Ethereum is staked, it will generate approximately $282 million in annual revenues from staking alone, making that income stream a central component of its business model.
Shares of the firm, trading under the ticker BMNR, rose around 6% on Monday, recently changing hands at $20.64. Over the past month, BMNR has gained more than 9%. However, the stock remains down 67% over the last six months, a period during which Ethereum itself has declined nearly 57% from its all-time high of $4,946.
Originally reported by Decrypt.
