Bitmine, owned by Tom Lee, acquires an additional $123 million worth of Ethereum as its treasury surpasses 5.4 million ETH
June 10, 2026
Bitmine Immersion Technologies has recently acquired an additional 75,000 ether, amounting to approximately $123 million, bolstering the company’s treasury to over 5.4 million ETH and reinforcing its substantial investment in the Ethereum network. The acquisition was completed on June 9, with each coin priced at around $1,640. This move was a strategic one for Bitmine, channeling the trades through Kraken and FalconX within an eight-hour period and dividing the purchase across three wallets, two of which were specifically created for this transaction.
This latest purchase adds to Bitmine’s extensive buying spree in 2026, which already saw investments of 89,000 ETH for $197 million, 111,000 ETH for $237 million, and 127,000 ETH for $214 million. The company’s transition from a bitcoin mining operation to an ether treasury model was enabled by a $250 million private placement in June 2025. Currently, Bitmine boasts the title of the world’s largest Ethereum treasury and ranks as the second-largest crypto treasury globally, following closely behind Strategy Inc. and its holding of approximately 845,256 BTC.
Under the leadership of Tom Lee, Bitmine has embraced the goal deemed the “Alchemy of 5%,” aiming to secure control over more than 5% of the total ether in circulation. Lee’s strategic vision has attracted significant institutional support, including heavyweights like Ark Investment Management, Founders Fund, and Galaxy Digital. Additionally, the company has pooled its resources into an institutional staking platform, MAVAN, where a substantial portion of its holdings are staked, generating a seven-day annualized yield projected to reach around 3%.
Despite facing the rough patch that the crypto market has encountered in 2026, with ether values hovering around $1,630, well below Bitmine’s previous average purchase price of $2,135 per coin, the company remains optimistic. Bitmine’s stock performance is closely tied to the volatility of ether prices and tends to react to each disclosed purchase. Many view the firm’s significant acquisitions as indicators of institutional confidence in the asset, mirroring the rise and fall of token prices.
The next major challenge for Bitmine will be navigating through the current market downturn and maintaining its buying momentum without adversely impacting its share price. As Tom Lee continues to push the company towards his 5% ownership goal by the end of the year, the crypto community eagerly anticipates how Bitmine will fare in the face of market fluctuations.
