Ethereum climbed above $2,500 during a market-wide rally, prompting BitMine Immersion Technologies to execute its largest weekly purchase of the asset since early July. Chaired by Tom Lee, the firm acquired 32,447 ETH for $81 million, bringing its total holdings to 5,847,611 ETH, which are valued at approximately $14.6 billion.
Alongside its Ethereum reserves, BitMine reported holding 210 Bitcoin, stakes in Beast Industries and Eightco Holdings, and $308 million in cash and marketable securities. The company's combined treasury reached $14.9 billion, up from $11.4 billion the previous week. BitMine has purchased ETH every week since launching its treasury strategy on June 30, 2025, marking an uninterrupted run of roughly 14 months.
The company's current holdings represent about 4.8% of Ethereum’s total supply, leaving the firm approximately 97% of the way toward its publicly stated 5% Alchemy target. Approximately 5,067,309 ETH—amounting to 87% of BitMine's holdings—is staked through its Made in America Validator Network. The company projects this staked position could generate around $330 million in annualized revenue, though actual returns depend on network conditions and validator performance.
Ethereum traded near $2,511 as of August 24 following a roughly 30% surge over the preceding week, outpacing Bitcoin's 22% advance over the same period. Tom Lee highlighted Wall Street's growing tokenization efforts, expanding agentic AI applications on blockchain infrastructure, supportive policy signals from Washington, and easing financial conditions as key tailwinds behind the market movement.
