Bitmine, the digital asset firm led by Tom Lee, has expanded its Ethereum position with a fresh $70 million purchase. The company now holds a total of 5.93 million ETH, according to an official statement.
Bitmine’s Growing Ethereum Stack
The latest acquisition brings Bitmine’s holdings to roughly 4.9% of Ethereum’s total supply. The firm says that most of its tokens are staked, allowing it to earn rewards on its substantial position.
This move underscores Bitmine’s continued confidence in Ethereum as a core part of its treasury strategy. By staking the majority of its ETH, the company generates additional yield while maintaining exposure to the asset’s long-term value.
Details of the Purchase
While the announcement confirms the $70 million addition, it does not specify the exact price or timing of the transaction. The company’s total holdings now stand at 5.93 million ETH, a figure that represents a significant share of the cryptocurrency’s circulating supply.
Bitmine’s approach reflects a broader trend among institutional players who are increasingly using staking to put their digital assets to work. The firm’s latest purchase reinforces its position as one of the largest known Ethereum holders.
