Bitmine “Switches Back On” Aggressive ETH Accumulation
Over the past week, Bitmine purchased an additional 32,447 ETH (~$81 million), ending a 5-week stretch of relatively modest accumulation.
It now holds 5.85 million ETH (worth around $14.6 billion), with an average purchase price of $3,355/ETH. Bitmine is now only about 200K ETH away from its target of holding 5% of the total ETH supply. Tom Lee said ETH’s 30% gain in one week resembles previous “major breakout” periods in May 2025 and July 2021, after which ETH went on to gain more than 160%.Bitmine is accelerating its ETH accumulation, and Tom Lee believes the recent surge could mark the beginning of another major rally.
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