Bitmine Immersion (BMNR), the largest Ethereum treasury firm, made a significant purchase of 10,399 ether (ETH) last week, valued at approximately $19.1 million based on current market prices. This acquisition is part of a broader strategy that Chairman Tom Lee believes reflects the strengthening fundamentals of the cryptocurrency market.
Tom Lee Highlights Ether's Strong Performance Against Nasdaq
According to Lee, ether's notable outperformance against the Nasdaq in July—marking its strongest performance in a year—indicates a positive shift in crypto fundamentals. He noted, "In July, ETH outperformed the Nasdaq 100 by 2,500 basis points. This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto."
This recent purchase brought Bitmine's total ether holdings to nearly 5.8 million ETH, equating to about 4.8% of the total circulating supply of Ethereum. This transaction follows a previous week's purchase of 9,946 ETH, continuing Bitmine's strategy of accumulating ether since June 2025.
In addition to its ether purchases, Bitmine also executed a stock buyback of 4.5 million shares last week, raising its total repurchased shares to 16 million. This move aligns with the company's financial strategy as it navigates the volatile crypto market.
Lee drew parallels between ether's performance and Bitmine's stock, suggesting that strong relative performance by ether often precedes gains in the company's shares. He referenced a similar situation from July 2025 when ether rallied from around $2,375 to over $4,000 following a comparable outperformance.
As of August 2, Bitmine's total assets, including crypto, cash, and marketable securities, amounted to $11.3 billion. This includes 209 bitcoin, $173 million in cash and marketable securities, and equity positions in Beast Industries and Eightco Holdings. The company has staked 4.9 million ETH, which constitutes about 85% of its holdings, and anticipates annual staking revenue of around $247 million through its MAVAN staking platform.
Despite these strategic moves, Bitmine's shares saw a slight decline of 2.1% in premarket trading, coinciding with a dip in ether's price over the weekend to $1,842.