Bitmine Immersion Technologies’ Tom Lee just scooped up another 12,532 ETH for roughly $31.6 million last week.
That single move lifts the firm’s total Ethereum stash to 6,028,946 tokens, valued at $15.24 billion and representing 4.94% of the circulating supply.
Only 77,442 ETH now separate the company from its long-stated 5% accumulation target.
How close is Bitmine to its 5% Ethereum target?
Lookonchain data shows the gap has narrowed sharply. At the current weekly pace, the remaining tokens could arrive within several weeks, after which Tom Lee has publicly said the firm will pause further ETH purchases.
Meanwhile, the company already stakes about 84% of its holdings through its MAVAN platform and partners, projecting roughly $336 million in annualised staking revenue that could climb toward $400 million once the full position is locked.
In addition, Bitmine’s broader balance sheet lists 214 bitcoin, a $180 million stake in Beast Industries, an $85 million position in Eightco Holdings, and hundreds of millions in cash and securities.
Why is Tom Lee still buying Ethereum so aggressively?
Tom Lee, chairman of Bitmine and managing partner at Fundstrat, has framed the strategy as permanent supply removal ahead of what he calls a potentially record-setting crypto bull market.
He points to tokenization, generational wealth transfer, and digital-asset treasuries absorbing coins as key drivers.
Furthermore, Lee notes that Bitmine’s share price has actually outperformed ETH itself through the recent bear stretch, falling only 3% in the first nine months of 2026 while Ethereum dropped 10%.
Looking ahead, he expects underweight institutions to rotate into the asset once the next cycle gains momentum.
What does this mean for Ethereum’s market dynamics?
Corporate buyers like Bitmine have quietly become a steady demand source.
Once the firm hits its self-imposed 5% ceiling that steady bid may ease, yet the already-staked coins remain locked and productive.
On top of that, the sheer size of the position—now the largest pure Ethereum treasury among public companies—gives Tom Lee a highly visible platform to shape market narratives.
Similarly, other digital-asset treasuries are watching the playbook, which could encourage parallel accumulation strategies elsewhere.
In the meantime, retail and institutional observers continue to track every weekly update for signals on both ETH price support and the broader risk appetite in crypto.
The latest purchase keeps Bitmine on an unbroken weekly buying streak that began in June 2025.
While the dollar amounts have trended smaller in recent weeks, the directional commitment remains clear.
For investors following Tom Lee’s calls, the message is straightforward: Ethereum still sits at the centre of his highest-conviction thesis, and the firm is nearly finished building the position he believes will matter most in the next bull phase.
