Tom Lee’s BitMine Immersion Technologies is aggressively stacking Ethereum —snapping up 71,179 ETH in its largest weekly purchase of the year and extending a nonstop buying streak despite ongoing market weakness.
BitMine has now amassed a staggering 4.73 million ETH, moving it nearer to its target of controlling 5% of the second-largest crypto’s circulating supply.
BitMine Nears 80% of Ambitious Goal to Control 5% of Ethereum Supply
Last week’s acquisition, valued at about $143 million, increased BitMine’s cumulative holdings to over 4.73 million ETH, marking another major expansion of its position. The company’s ETH holdings now represent nearly 4% of Ethereum’s circulating supply, which stands at about 120.69 million ETH, according to CoinGecko.
“Bitmine now owns 3.92% of the ETH token supply, over 78% of the way to the ‘Alchemy of 5%’ in just 8 months,” the firm said Monday.
Tom Lee said that as the Iran war stretches into its fifth week, ETH and crypto have outpaced traditional markets, with Ethereum outperforming equities by 1,160 basis points. In contrast, gold has underperformed by more than 750 basis points, reinforcing his view that crypto is acting as a “good wartime” store of value.
 
Over the past month, ETH has risen roughly 8%, while gold has plunged approximately 13%. Meanwhile, major stock indices such as the Dow Jones Industrial Average and the S&P 500 have each declined by more than 7%.
“The inverse correlation of crypto (and equities) to oil has been increasing and is at the highest levels in the past year. This is logical,” Lee continued. “Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks.”
Other Digital Asset Treasuries Hit Pause
BitMine reported total crypto and cash holdings of $10.7 billion, including 197 bitcoin, $961 million in cash and equity stakes, and a $102 million investment in Eightco Holdings.
The latest move stands out as most major digital asset treasuries (DATs) paused accumulation or even sold holdings during the crypto market downturn. Strategy, the largest corporate bitcoin holder, was among the few active buyers in recent months, though the Michael Saylor-led firm has now paused its acquisition spree, ending a 13-week run.
Even with the pause, the Tysons Corner, Virginia-based firm has built a massive Bitcoin position of 762,099 BTC—worth approximately $51.2 billion as of press time —since it began accumulating in 2020.
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