BitMine Immersion Technologies Inc (NASDAQ: BMNR), led by prominent market strategist Tom Lee, has reportedly purchased another 20,000 Ethereum tokens, pushing the firm closer to its ambitious 5% ownership target.
On-chain tracker Lookonchain flagged the transaction on X, reporting that BitMine “purchased another 20,000 $ETH from Kraken,” a purchase valued at approximately $48.89 million.
BitMine has yet to formally verify the transaction, though the purchase would bring its total holdings to approximately 5.87 million ETH based on its last disclosed position.
The company announced on Monday that it already held 5.85 million ETH, valued at $2,440 per token, representing 4.8% of Ethereum’s circulating supply of 120.7 million tokens.
BMNR remains roughly 187,000 ETH short of hitting the symbolic 5% threshold it has set as a key strategic target.
Lee noted that the company would not need to sell any Ethereum holdings given that staking rewards generate approximately $330 million annually in revenue, providing a stable financial cushion.
Writing on X this week, Lee described the current crypto environment as “an ‘AI downstream’ story,” citing this dynamic as a core reason he expects the sector to strengthen throughout the year.
Lee also pointed to Wall Street tokenization, agentic AI adoption, easing financial conditions, and signs of White House support as fundamental tailwinds driving Ethereum’s long-overdue price appreciation.
BMNR stock edged 0.7% lower in pre-market trading amid broader market weakness and Ethereum’s price stagnation, though retail sentiment on Stocktwits remained in the “extremely bullish” zone with chatter at “extremely high” levels.
The stock has nearly doubled from its June 30 intraday low of $12.80, reflecting sustained investor confidence in the company’s Ethereum accumulation strategy.
Altcoin market capitalization surged 23% last week, its biggest weekly gain in months, breaking above a descending trendline and rebounding from long-term support levels.
Market analyst Ash Crypto cautioned that Bitcoin’s dominance had remained above 60%, continuing to favor Bitcoin and large-cap coins over broader altcoin plays.
For a genuine altcoin season to take hold, Ash Crypto said Bitcoin dominance would need to fall below 58%, a level it has yet to breach.
Ethereum’s price slipped 0.5% over the past 24 hours, with retail sentiment on Stocktwits cooling from “extremely bullish” to “bullish,” though chatter levels remained elevated.
Ethereum has declined more than 17% so far this year, making BitMine’s aggressive accumulation strategy a significant and closely watched bet on the asset’s long-term recovery.
