Tom Lee’s Bitmine Adds 101,901 ETH, Pushing Ethereum Holdings Above 5 Million

Ethereum treasury company Bitmine has announced another weekly Ethereum buy, bringing its holdings above 5 million ETH. The BMNR stock is trading flat amid the announcement of this latest purchase, even as the Ethereum treasury company is now a step closer to holding 5% of the total ETH supply.

Bitmine Purchases 101,901 ETH In Largest Weekly Buy This Year

In a press release, the Ethereum treasury company revealed that it acquired 101,901 ETH last week, its highest buying pace since the week of December 15, 2025. This latest purchase surpasses the ETH buy the company made about two weeks ago.

As CoinGape reported last week, Bitmine acquired 101,627 ETH, marking its largest weekly buy this year at the time. The company’s Chairman, Tom Lee, said they have maintained the increased pace of ETH buying over the past four weeks, as their base case is that ETH is in the final stages of the ‘mini-crypto winter.’

With the latest Ethereum purchase, the company now holds 5,078,386 ETH. Commenting on this feat, Tom Lee described it as a major milestone as the company moves towards acquiring 5% of the ETH supply. He added that the pace of accumulation is “astonishing” as it took them only 10 months to reach 5 million ETH.

It is worth noting that Bitmine had acquired 10,000 ETH from the Ethereum Foundation as part of its latest buying spree. Both firms made the transaction over-the-counter (OTC) as the Ethereum Foundation continues to offload its holdings to fund its operations.

Meanwhile, Bitmine is currently sitting on an unrealized loss of just over $6.3 billion, according to DropsTab data. The company’s average purchase price on its holdings is still above $3,600 per ETH, while ETH trades around $2,300 at the moment.

The Bull Case For ETH

Tom Lee pointed to several recent research reports that argue ETH is a ‘store of value’ and will be held as collateral as crypto assets are increasingly used in financial transactions. The Bitmine chairman remarked that this new role for ETH is arguably evident in how the crypto asset has outperformed since the Iran war began.

He noted that ETH has outperformed the S&P 500 since the war started and remains the single best-performing asset in the world besides crude oil prices. Lee added that Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from AI agents’ need for public and neutral blockchains.

The Bitmine stock is up at the market open amid the company’s announcement of its latest ETH purchase. The crypto stock is currently trading at around $22, up almost 1% on the day, according to TradingView data.

However, the stock remains down over 20% year-to-date (YTD), mirroring the Ethereum price action. ETH is down almost 22% YTD as the current bear market conditions persist.