The Tom Lee-chaired Ethereum accumulator BitMine has ramped up its token acquisitions, bringing its total holdings to 5,847,611 ETH as of August 23. The company is now just 3% away from reaching its target of controlling 5% of Ethereum's entire 120.7 million token supply, a strategy initiated in late June of last year.
Over the past week, BitMine acquired 32,447 tokens. Following Ethereum's price increase to $2,440, the firm's total position reached approximately $14.3 billion, representing an increase of about $3 billion compared to the previous week. The latest acquisition significantly outpaced the company's prior weekly purchases, which had dropped to around 10,000 ETH on multiple occasions.
During the week, Ethereum traded near $1,900 before climbing by 30% and briefly topping $2,500. Tom Lee noted that comparable weekly rallies occurred in July 2021 and May 2025, though historical performance does not guarantee future results.
In addition to accumulating tokens, BitMine continues its staking efforts. The firm has staked over 5,067,300 tokens, valued at approximately $12.4 billion, which accounts for 87% of its total Ethereum treasury. Based on a seven-day annualized yield of 2.67%, current estimates indicate the company could generate roughly $330 million in annualized revenue, with projections potentially rising to $381 million if the entire portfolio is staked through its institutional platform, MAVAN.
