Bitmine adds $68M in ether as Tom Lee cites upside catalysts

Bitmine Immersion Technologies just dropped another $68 million on Ethereum, scooping up 27,180 ETH at roughly $2,500 per token. The purchase, executed last week, pushes the company’s total stash to nearly 5.96 million ETH, or about 4.9% of Ethereum’s entire circulating supply. That makes Bitmine the largest publicly disclosed corporate holder of Ethereum among public companies. The firm needs roughly 144,000 more ETH to hit what it calls the “Alchemy of 5%,” its self-imposed target of controlling a twentieth of all circulating ether. A weekly habit worth watching Bitmine (NYSE American: BMNR) has been buying ETH on a weekly cadence since launching its treasury initiative on June 30, 2025. Not a single week missed. Chairman Tom Lee, who co-founded macro research firm Fundstrat, laid out the bull case in comments alongside the purchase announcement. He pointed to the ETH/BTC ratio reaching its highest level since January 30, 2026, establishing what he characterized as a new uptrend. Lee also flagged three demand catalysts he sees building in the background: tokenization of real-world assets, the rise of agentic AI running on blockchain infrastructure, and pending US legislation. The...