Bitmine Adds More Ethereum as Treasury Approaches 5.8 Million ETH

Bitmine Immersion Technologies, chaired by Tom Lee, added 9,946 ETH to its balance sheet over the past seven days. While this move follows a consistent trend of accumulation, the pace is slower than the firm's major buys earlier this year, including a notable purchase of 52,000 ETH back in June.

The firm now holds a total of 5,787,414 ETH, valued at over $11 billion. Despite this large position, the company remains underwater on its investment, as its average purchase price sits significantly higher than current market levels. Bitmine maintains its goal of controlling 5% of the total Ethereum supply.

Tom Lee remains optimistic about the future of the asset, noting strength in the ETH to BTC price ratio. As the coin recently touched a two month high near $2,000, Lee expects further price resistance at the $2,000 and $2,500 marks. Investors are watching to see if this momentum can carry the price higher in the coming weeks.

Beyond buying, the firm is putting its assets to work. Over 4.9 million tokens are currently staked through its MAVAN platform. With 85% of its holdings staked at an annualized yield of 2.65%, the company generates roughly $254 million in yearly revenue. Plans are already in motion to stake its entire fortune, which would push annual earnings toward $300 million.