Key Takeaways:
Corporate treasury firm Bitmine acquired over 71,000 Ether (ETH) last week, a roughly 166% increase in its weekly buying pace that reverses a sudden slowdown and resumes its aggressive accumulation of the blockchain’s native token.
The purchase, which follows a period where buying was cut by nearly 75%, was confirmed in a company update on Monday. The firm’s strategy, articulated by Chairman Tom Lee, involves accumulating up to 5% of Ethereum’s total circulating supply.
The acquisition of approximately 71,000 ETH marks a significant acceleration from the 26,659 ETH purchased in the first week of May. Prior to that, Bitmine had been consistently buying over 100,000 ETH per week. The firm’s total holdings now exceed 5.27 million ETH, a treasury valued at over $12 billion and representing more than 4.4% of Ethereum's circulating supply, according to data from its public statements and on-chain analytics.
This reversal from a brief tapering period suggests Bitmine is re-asserting its role as a dominant buyer in the Ethereum market. The move could signal to investors that the firm sees current price levels as a buying opportunity, potentially strengthening market support as it moves closer to its ambitious 5% supply target, which it originally aimed to hit by late 2026.
The majority of Bitmine’s treasury is actively generating yield. The company has staked more than 4.7 million ETH, representing over 89% of its total holdings. Based on a current Ethereum proof-of-stake (POS) yield of around 2.86%, this position is estimated to generate approximately $319 million in annualized rewards. This highlights the firm's strategy of using ETH not just as a speculative asset but as a productive, yield-bearing treasury reserve. Tom Lee has previously cited the growth of on-chain tokenization and AI-driven settlement as long-term drivers for Ethereum's value.
The sharp increase in purchasing comes just a week after Lee confirmed a deliberate reduction in the buying pace. He had noted that the firm's prior accumulation rate would have caused it to hit its 5% target by mid-July, far ahead of schedule. The decision to re-accelerate buying, even as it approaches this goal, indicates a potentially tactical move to capitalize on recent price dips in Ethereum, which has seen volatility in tandem with broader macroeconomic factors. The firm's actions are closely watched by the market, as its massive and growing treasury can influence liquidity and sentiment.
This article is for informational purposes only and does not constitute investment advice.
