Bitmine Immersion Technologies has acquired an additional $52 million worth of ETH, expanding its already substantial Ethereum holdings. Chairman Tom Lee stated that while core fundamentals of the Ethereum network have strengthened, the current ETH price does not yet fully reflect these improvements. His remarks come during a period of subdued ETH price action.
Fresh acquisition and strategic positioning
On Monday, Lee announced that the company purchased 26,497 ETH over the past week. According to him, the prevailing market pricing does not fully align with the strengthening fundamentals of Ethereum. Lee also noted that this disconnect is not unexpected, given that the crypto market is still in an early-stage recovery phase.
As Tom Lee explained, the firm acquired 26,497 ETH in the last week, and ETH prices have yet to mirror Ethereum’s improving fundamentals, which he described as typical during a market’s early rebound.
Bitmine now holds 5.4 million ETH, cementing its position as the company with the world’s largest Ether treasury. These assets are currently valued at more than $10.5 billion. After accumulating over 100,000 ETH per week across three consecutive weeks earlier in the year, the company has recently reduced its pace of acquisition.
The firm has come to be recognized for its uniquely aggressive digital asset treasury strategy. Bitmine seeks long-term value appreciation by holding significant cryptocurrency reserves on its balance sheet, rather than pursuing frequent trading or short-term gains.
ETH price trends and market atmosphere
According to CoinGecko, ETH has fallen by 4.7 percent over the past seven days. The asset traded within a range of $1,963 to $2,126 in that period. In the past 24 hours, ETH has settled just below the $2,000 mark, showing little movement overall.
Speaking to CNBC, Lee observed a sense of disappointment across crypto investors, as software and technology sectors have outperformed digital assets in recent sessions. Yet, he pointed out that periods of sluggish performance like this are frequently seen toward the end of stagnation phases in crypto markets.
Ethereum’s long-term narrative
Lee emphasized that despite recent price pressure and continued sales from some long-term investors and major holders, he remains committed to the main thesis behind both Bitcoin and Ethereum. In his view, both networks could play a transformative role in the future of money.
Lee highlighted that as artificial intelligence advances, the demand for decentralized identity and verification will increase in commerce and online platforms—which is precisely where crypto assets become vital.
Bitmine first announced its Ethereum treasury plan in July 2025, setting the goal of owning five percent of the network’s 120.6 million tokens in circulation. The company’s current stash exceeds 5.4 million ETH, representing about 90 percent of its target. Lee previously projected that the company would reach this milestone sometime in 2026.
