Bitmine added $92 million of ETH, with Tom Lee continuing to believe in 'crypto spring'
CoinDesk 2026-06-22 13:04:44
Context: Bitmine Immersion Technologies, a leading Ethereum treasury firm, has continued to accumulate ether, purchasing $92 million worth of ETH last week, as its chairman, Tom Lee, maintains a bullish long-term view on the crypto market, citing growing demand from tokenization and artificial intelligence applications. The firm's holdings now stand at 5.67 million ETH, valued at nearly $10 billion, representing 4.7% of Ethereum's circulating supply. Bitmine remains on track to reach its goal of owning 5% of ETH supply later this year.
Key Facts
- Bitmine Immersion Technologies purchased 52,203 ether (ETH) last week, valued at approximately $92 million, based on ETH's current price of around $1,760, bringing its total holdings to 5.67 million ETH.
- The firm's cash and marketable securities stood at $601 million, with its stash of ETH now worth nearly $10 billion and representing 4.7% of Ethereum's circulating supply.
- Bitmine Chairman Thomas "Tom" Lee stated that the company will continue to maintain a steady pace of accumulation throughout 2026, with the firm now 94% of the way toward its target of acquiring 5% of Ethereum's supply.
- Lee has argued that growing demand from tokenization and artificial intelligence applications will drive adoption of the Ethereum network in the years ahead, reaffirming his long-term bullish stance on Ethereum.
- Bitmine raised roughly $274 million through the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock earlier this month, with the preferred shares trading on the New York Stock Exchange under the ticker BMNP and paying weekly cash dividends.