Tom Lee's Bitmine acquired 53,501 ether tokens worth $131 million, marking its largest weekly purchase since June, according to the company's announcement on August 31.
The transaction brings Bitmine's total ether holdings to 5.9 million tokens. Lee, a macroeconomic strategist and founder of Fundstrat Global Advisors, launched Bitmine in 2024 as an investment vehicle focused on digital assets. The firm has grown its crypto portfolio substantially over the past year, with total assets now at $15.6 billion.
Bitmine has deployed capital in ethereum with increasing frequency through 2026. The company's weekly purchase pace accelerated through the summer months, with this acquisition representing a peak weekly commitment to the second-largest cryptocurrency by market capitalization. Lee has attributed the buying activity to ethereum's positioning as a macro asset during periods of economic uncertainty.
The purchase occurred through FalconX and BitGo, two established institutional trading platforms that have become primary venues for large-denomination ethereum acquisitions. Both firms specialize in custody, settlement and execution services for cryptocurrency holdings above institutional minimum thresholds.
Ethereum's price at the time of acquisition stood near $2,445 per token, based on the $131 million valuation for 53,501 units. The asset has traded in a range between $2,200 and $2,800 over the preceding eight weeks.
Bitmine's cumulative ethereum purchases through 2026 total approximately $890 million across twelve separate transactions. The $131 million outlay represents a 14.7 percent increase from the company's previous largest weekly acquisition in late June, when it deployed $114.3 million for 47,200 tokens at an average price of $2,420 per unit.
Lee's firm now holds ethereum representing approximately 0.32 percent of the total supply in circulation. The magnitude of Bitmine's ongoing accumulation positions it among the largest institutional holders of the asset globally, alongside entities like the Grayscale Ethereum Trust and MicroStrategy's bitcoin-focused treasury.
