Bitmine Buys Another 27,000 ETH Despite Market Slump, Nears 5% of Ethereum Supply
Bitmine Immersion Technologies has expanded its Ethereum treasury by purchasing an additional 27,000 ETH despite a week in which the asset slumped by over 8% and fell to a multi-month low of $1,500 before finding support.
The company now holds just over 5.7 million tokens, equivalent to approximately 4.7% of Ethereum’s total circulating supply of 120.7 million coins. Based on an ETH price of $1,570 as of June 28, Bitmine’s total crypto, cash, and investment holdings stand at roughly $10 billion.
Chairman Tom Lee acknowledged the recent market weakness but maintained that the company’s long-term outlook remains unchanged. ‘This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins,’ Lee said.
He doubled down on his belief that Ethereum will eventually benefit from Wall Street’s migration toward blockchain-based financial infrastructure and the emergence of agentic AI payment systems operating on crypto rails.
Bitmine has staked almost 4.9 million tokens—over 85% of its total holdings—through its institutional staking platform, MAVAN. The current staking yield of 2.75% means annualized revenue of around $211 million.
Meanwhile, SharpLink, the second-largest corporate holder of ETH, resumed purchases after eight months. The Joe Lubin-chaired firm bought 5,000 ETH on Friday and accumulated more over the weekend, spending over $62 million to acquire a total of 39,196 ETH—more than Bitmine purchased in the same period. However, the gap between the two remains significant.