BitMine nears 5% of Ethereum supply with $205 million purchase

BitMine Immersion Technology, led by Tom Lee, purchased an additional 25,000 ETH from BitGo, worth roughly $41 million. The acquisition brings the three‑day total to 125,000 ETH and lifts the firm’s overall holding to about 5.54 million ETH – roughly 4.6% of Ethereum’s circulating supply and close to its self‑set 5% target. Earlier in the week the company bought 126,971 ETH for about $214 million, raising its treasury to 5,543,872 ETH, or 4.59% of the roughly 120.7 million ETH in circulation. The buying continues despite a 44% drop in ETH price this year and unrealized paper losses estimated near $10 billion. Lee has hinted that the firm may pause further purchases once the 5% threshold is reached. BitMine’s stock has fallen about 7% over the past week and 32% over the month, trading around $15.64, while ETH price has rebounded roughly 3% to about $1,653. Tom Lee remarked, “The entire financial system today is built on tech stack on top of tech stack…”, emphasizing his conviction in Ethereum as long‑term infrastructure.