Bitmine Immersion Technologies (NYSE: BMNR) acquired 9,926 Ethereum (CRYPTO: ETH) last week, continuing its consistent streak of weekly cryptocurrency purchases.
The company, led by Chairman Tom Lee, has maintained a disciplined accumulation strategy that has steadily grown its digital asset holdings over recent months.
Bitmine now holds 5.815 million ETH tokens, a position that represents approximately 4.8% of Ethereum’s entire circulating supply.
At current market prices, the company’s Ethereum holdings carry a value of roughly $11 billion U.S., making it one of the largest institutional holders of the asset.
Lee has pointed to technical signals in the market as a key reason behind the continued conviction in Ethereum, noting that the Ethereum-to-Bitcoin (CRYPTO: BTC) ratio has broken above a prolonged downtrend.
He views that technical breakout as evidence that investors are beginning to price in growing demand for ETH as a core institutional asset.
Alongside its Ethereum purchases, Bitmine also repurchased 1.7 million shares of its own stock last week under a previously authorized $4 billion U.S. share buyback program.
The dual strategy of accumulating Ethereum while simultaneously reducing its share count reflects a broader capital allocation approach the company has been executing consistently.
Ethereum was trading at $1,905 U.S. on August 17, providing the benchmark price against which Bitmine’s substantial holdings are currently being valued.
Despite the scale of its crypto holdings, BMNR stock has declined 65% over the past 12 months, with shares currently trading at $18.80 U.S.
The gap between the company’s depressed share price and the scale of its digital asset portfolio raises questions about how the market is currently valuing Bitmine’s Ethereum treasury strategy.
Institutional accumulation of Ethereum at this scale remains rare, and Bitmine’s continued weekly buying positions it as a significant force in the broader digital asset market.
