USDBitmine Adds ETH as Tom Lee Cites Quarter-End Selling
Latest Ethereum Purchase Pushes Treasury Strategy Closer to Supply Target
TL;DR
- Bitmine continued buying Ethereum during a weak crypto market, adding to its already large ETH treasury.
- Chairman Thomas “Tom” Lee said recent Bitcoin and Ether weakness was tied to quarter-end “window dressing.”
- The company remains the largest corporate Ethereum treasury holder and is nearing its stated ETH supply target.
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Bitmine Immersion Technologies added another 27,084 ETH in the week reported June 29, 2026, continuing its Ethereum accumulation strategy as ETH weakened and Chairman Thomas “Tom” Lee attributed recent crypto market pressure to quarter-end portfolio rebalancing.
The latest acquisition was valued at roughly $43 million, based on ETH price trading around $1,580. The purchase lifted Bitmine’s Ethereum holdings to just over 5.7 million ETH, equal to roughly 4.7% of Ethereum’s circulating supply of about 120.7 million ETH. The company has said it is pursuing a target of owning 5% of Ethereum’s total circulating supply.
Bitmine remained the largest corporate Ethereum treasury holder and the second-largest public crypto treasury overall, behind Strategy. Its ETH holdings alone were worth about $8.9 billion, while its broader crypto, cash and investment holdings were reported around $9.8 billion to $10 billion, depending on the ETH price reference used in the provided information.
Bitmine’s latest ETH purchase was its smallest acquisition since early May. The company bought 52,203 ETH in the previous week and 126,971 ETH in an earlier batch this month, showing that accumulation continued even as the pace slowed. Bitmine also held stakes in Beast Industries and Eightco Holdings, which were counted toward its broader crypto, cash and investment holdings.
Lee Points to Quarter-End “Window Dressing”
Lee said recent crypto weakness reflected investor positioning near the end of June rather than a change in Bitmine’s long-term Ethereum thesis. “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.
Lee also connected the weakness to quarter-end portfolio activity. “We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” Lee said.
The market pressure extended beyond Ethereum. Bitcoin and Ether were both on track for a third consecutive quarter of losses. Bitcoin was down 12% in Q2 2026, while Ether was down 25% in Q2 2026. A third consecutive quarterly loss had not happened for Bitcoin since 2022 and would be Ether’s first such streak since 2019.
Ethereum fell to a multi-month low of $1,500 before finding support, according to the provided information. The article should not frame that move as a confirmed recovery, because the available details only say support emerged after the decline.
Lee maintained that Bitmine’s long-term outlook for Ethereum had not changed. He said Ethereum could benefit from Wall Street moving more financial infrastructure onto blockchain rails and from the rise of agentic AI payment systems operating on crypto rails.
Bitmine was also described as one of the key backers of Ethlabs, a new Ethereum research organization formed after turmoil and layoffs at the Ethereum Foundation. Lee cited Ethlabs and the Bank of England’s softer stance around stablecoins as positive Ethereum developments during the same week ETH traded lower.
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Staking Turns ETH Holdings Into Yield
Bitmine had staked almost 4.9 million ETH through MAVAN, its institutional staking platform, according to a press release shared by the firm. That represented more than 85% of Bitmine’s total ETH holdings.
The staking yield was cited at 2.75%. At that yield, Bitmine’s annualized staking revenue was estimated at roughly $211 million, giving the company a recurring revenue component tied to its Ethereum reserve strategy.
Bitmine’s staking activity makes its ETH treasury strategy more than a passive balance-sheet position. The company is using MAVAN to generate yield from a large portion of its Ethereum reserves while continuing to pursue its supply ownership target.
SharpLink Restarts ETH Buying
SharpLink, chaired by Joe Lubin, also resumed major ETH purchases after spending eight months on the sidelines. SharpLink bought 5,000 ETH on Friday and continued accumulating over the weekend.
SharpLink spent more than $62 million to buy 39,196 ETH during the cited period. That purchase was larger than Bitmine’s latest weekly acquisition, but Bitmine’s lead remained too wide for SharpLink to threaten its position as the largest corporate Ethereum treasury holder.
Strategy remained the only public crypto treasury larger than Bitmine. The available information referenced a new Strategy initiative rather than a fresh Bitcoin purchase.
FAQ
What did Bitmine buy?
Bitmine bought 27,084 ETH in the latest reported week.
Why did Tom Lee say crypto weakened?
Lee pointed to quarter-end “window dressing” by investors reducing losing positions.
How much ETH has Bitmine staked?
Bitmine had staked almost 4.9 million ETH through MAVAN.
Who is Bitmine’s closest ETH treasury peer?
SharpLink resumed buying, but Bitmine still held the larger Ethereum treasury.
This article has been refined and enhanced by ChatGPT.
