Tom Lee’s Bitmine Buys 75,000 ETH, Treasury Tops 5.4M

Bitmine purchased 75,000 ether for about $123 million on June 9, paying an average near $1,640 per coin. The buy raised the company’s disclosed treasury above 5.4 million ETH, extending a series of large accumulations in 2026.

The trades were executed over an eight-hour window, routed through Kraken and FalconX, and split across three wallets, two of which were newly created for the purchase. Bitmine reports its holdings represent more than 5% of the total ethereum supply; some on-chain trackers place the share closer to 4.6%.

The June purchase follows earlier 2026 acquisitions of 89,000 ETH for $197 million, 111,000 ETH for $237 million, 127,000 ETH for $214 million and 101,627 ETH for roughly $233 million. The company shifted from bitcoin mining to an ether treasury model after a $250 million private placement in June 2025.

Tom Lee chairs Bitmine and calls the plan ‘Alchemy of 5%’, a target to control more than 5% of ethereum in circulation. Bitmine stakes a large portion of its holdings through MAVAN, its institutional staking platform, and reports a seven-day annualized yield near 3%. The company projects annualized staking revenue could approach $270 million once the full position is deployed.

Ether traded near $1,630 at the time of the June 9 purchase, below the prices paid on some earlier acquisitions such as the 111,000 ETH buy at about $2,135 per coin. Bitmine’s stock has moved along with ether’s price since the company shifted its business model, and disclosed accumulations have influenced the share price.

Institutional backers of Bitmine include Ark Investment Management, Founders Fund, Pantera Capital, Kraken, Digital Currency Group and Galaxy Digital. By disclosed holdings and market value, Bitmine ranks as the second-largest public crypto treasury, trailing only Strategy Inc., which holds a large bitcoin position.