Tom Lee’s BitMine buys 60,976 ETH, targeting 5% of Ethereum’s circulating supply

BitMine Immersion Technologies, chaired by market strategist Tom Lee, disclosed on March 8, 2026, that it purchased 60,976 ETH in the past week, bringing its total Ethereum holdings to 4.53 million tokens (3.76% of circulating supply).

The acquisition represents an acceleration beyond the company’s recent weekly average of 45,000-50,000 ETH and positions BitMine toward its goal of controlling 5% of Ethereum’s supply.

BitMine accelerates Ethereum accumulation

The Nevada-based crypto treasury firm, chaired by market strategist Tom Lee, said the acquisition brings its total Ethereum holdings to more than 4.5 million ETH, representing approximately 3.76% of the cryptocurrency’s circulating supply.

At current market prices near $2,000 per token, that stash represents billions of dollars in value.

According to the company, the latest purchases exceeded its recent weekly average of between 45,000 and 50,000 ETH.

“In the past week, we acquired 60,976 ETH compared to an average of 45,000 to 50,000 weekly recently.”

Tom Lee, Chairman, BitMine Immersion Technologies, in a company statement.

The announcement comes at a time when institutional investors are increasingly viewing Ethereum not only as a speculative asset but also as an income-generating network.

Ethereum treasury strategy targets 5% of supply

BitMine’s long-term strategy revolves around accumulating Ethereum as a primary treasury asset, similar to how some companies hold large Bitcoin reserves.

With its current holdings of over 4.53 million ETH, the firm says it has already achieved more than 75% of its internal goal of controlling 5% of Ethereum’s total circulating supply.

The company has also committed a large portion of its holdings to Ethereum staking, where tokens are locked in the network to validate transactions and generate yield.

As of early March, more than 3 million ETH were staked, potentially generating significant annual income.

BitMine is simultaneously developing a validator infrastructure platform called MAVAN (Made in America Validator Network), designed to provide large-scale staking services.

The company says the system could launch in 2026 and aims to create a more secure and scalable staking infrastructure.

The strategy reflects a broader trend among crypto-focused companies to integrate digital assets directly into their corporate treasuries, especially as blockchain networks increasingly provide yield opportunities beyond simple price appreciation.

Market volatility shapes BitMine’s buying spree

BitMine’s accelerated purchases come amid heightened geopolitical tensions and macroeconomic volatility affecting both traditional markets and cryptocurrencies.

Ethereum prices have remained relatively resilient despite rising oil prices and geopolitical concerns tied to Middle East tensions.

At the time of the company’s announcement, ETH was trading around $2,002, up nearly 3% within 24 hours.

Some analysts believe such volatility has created favorable conditions for long-term buyers with strong balance sheets.

“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of.”

Tom Lee, Chairman, BitMine Immersion Technologies, explaining the company’s recent buying activity.

The company’s holdings extend beyond Ethereum. BitMine disclosed that its treasury includes 195 Bitcoin, about $14 million in equity investments, and over $1 billion in cash reserves.

The scale of the accumulation highlights how corporate treasuries are increasingly becoming significant players in digital asset markets.

BMNR stock recovery remains uncertain

While BitMine’s aggressive accumulation strategy has attracted attention from crypto investors, the company’s publicly traded shares ticker BMNR have experienced volatility in recent weeks.

Analysts note that despite periodic price rallies following treasury announcements, the stock has faced pressure from market skepticism and short-seller scrutiny.

At the same time, some equity analysts remain optimistic about the company’s outlook.

ThinkEquity analyst Ashok Kumar recently initiated coverage with a Buy rating and a $60 price target.

BitMine’s strategy reflects a growing institutional bet on Ethereum’s long-term role in digital finance.

Whether that bet ultimately drives sustained gains in BMNR shares will depend on several factors: Ethereum’s market trajectory, regulatory developments, and the company’s ability to execute its staking and treasury strategy at scale.

BitMine’s latest acquisition signals one clear message to the market: the firm intends to remain one of the most aggressive institutional buyers of Ethereum.