Bitmine, the crypto investment firm led by analyst Tom Lee, added 7,391 ETH over the past week, bringing its total ether holdings to 5,805,238 tokens, according to an announcement posted by the company.
The purchase represents a continued accumulation strategy by the firm, which trades under ticker BMNR. At current prices near $3,300 per token, the 5.8 million ETH position is worth approximately $19.1 billion, making Bitmine one of the largest holders of the asset among publicly traded or disclosure-heavy firms. Grayscale's Bitcoin Mini Trust holds the largest known institutional ether position, with 3.2 million tokens as of its most recent filing.
Bitmine did not disclose the average purchase price for last week's 7,391-token buy. The company has been accumulating ETH steadily through 2024 and into 2025, with the weekly cadence following a dollar-cost-averaging pattern rather than opportunistic lump-sum purchases. Lee founded Bitmine in 2023 as a vehicle for large-scale crypto asset accumulation, and the firm has become one of the more transparent public vehicles for tracking institutional demand for major cryptocurrencies.
The firm's balance sheet, disclosed in the same announcement, showed total crypto and cash holdings of $11.6 billion. That figure includes the ether position plus smaller allocations to other digital assets and cash reserves.
Bitmine has continued buying even as ethereum spot ETFs launched in the United States in June 2024 and expanded available instruments for institutional ether exposure. The firm's accumulation pace of roughly 7,400 tokens per week, if sustained, would add 385,000 tokens per year to its position. The weekly purchase disclosed here matches Bitmine's historical buying pattern over the prior 12 months.
The document to watch is Bitmine's next quarterly or semi-annual filing, which will show whether the firm has maintained, accelerated, or paused its ether accumulation and whether any material shifts in its overall crypto allocation have occurred.
