Bitmine Buys $52M of Ether; Chair Calls ETH Undervalued

Bitmine Immersion Technologies bought 26,497 ETH, about $52 million, over the past week, the company disclosed in a statement. The purchase is part of an ongoing effort to build an Ether treasury.

The firm now holds more than 5.4 million ETH, a position valued at over $10.5 billion at current prices. Bitmine aims to accumulate treasury holdings equal to 5% of the total circulating supply of roughly 120.6 million tokens. The company says it is roughly 90% of the way to that target and expects to reach the goal in 2026 after announcing the plan in July 2025.

Ether’s price fell about 4.7% over the past week and traded between roughly $1,963 and $2,126 during that period, remaining mostly just under $2,000 in recent sessions.

Bitmine had previously bought more than 100,000 ETH per week for three consecutive weeks before slowing its purchases this month.

In the statement, Chair Tom Lee wrote that ETH prices are not reflecting “the strengthening of Ethereum fundamentals” and described the market as in “the early stages of crypto spring.” He highlighted use cases such as decentralized identity and verification for commerce and websites and said tokenization could improve the efficiency of how money moves. Lee added, “We know Wall Street wants to go toward tokenization; it’s a vast improvement in efficiency of how money actually moves.”

Bitmine identifies itself as the largest corporate holder of Ether. The company reported that the holdings represent a material portion of its balance sheet and that its treasury plan reflects a long-term accumulation strategy rather than short-term trading.