Tom Lee’s BitMine Buys 41,788 ETH Worth $97 Million as Treasury Expansion Continues
- BitMine buys 41,788 ETH worth $97 million as Tom Lee increases exposure during a crypto market pullback.
- The purchase lifts BitMine Ethereum holdings above 4.28 million ETH, strengthening its position as the largest ETH treasury.
- Strong cash reserves and rising staking income allow BitMine to expand Ethereum holdings without debt pressure.
BitMine Immersion Technologies purchased 41,788 Ethereum worth about $97 million over the past week. The acquisition confirms a continued expansion of the company’s crypto treasury under Executive Chairman Tom Lee. The purchase occurred as Ethereum prices traded near $2,300 amid broader market pressure. Following the transaction, BitMine’s total Ethereum holdings climbed sharply.
The company reported total assets of $10.7 billion across crypto, investments, and cash as of February 2. Ethereum represents the largest portion of that balance. BitMine now holds 4,285,125 ETH valued using a $2,317 reference price from Coinbase. The Ethereum position carries an unrealized loss exceeding $6 billion.
Ethereum Accumulation Strategy Under Tom Lee
Tom Lee has positioned Ethereum as the core asset within BitMine’s treasury strategy. The company continued buying despite declining prices and elevated volatility. Management linked the decision to improving Ethereum network activity metrics. BitMine views the price pullback as an opportunity to increase exposure.
The firm disclosed that it purchased more than 40,000 ETH last week alone. As of January 27, BitMine held over 4.24 million ETH and controlled more than 3% of total Ethereum supply. An additional 98,852 ETH was acquired in late December. In late September, BitMine held over 2.65 million ETH, which made it the largest ETH treasury in the world. These transactions pushed BitMine to the top position among global Ethereum treasury holders. However across all public crypto treasuries, the company now ranks second behind Strategy Inc..
Balance Sheet Strength and Liquidity Position
Beyond Ethereum, BitMine holds 193 Bitcoin and equity investments in Beast Industries and Eightco Holdings. The balance sheet also includes $586 million in cash. These cash holdings generate yields between 3.5% and 3.9%. Importantly, the company reported no outstanding debt.
The absence of debt reduces liquidity risk during market downturns. This structure allows BitMine to continue accumulating assets without forced selling. Management stated that flexibility remains critical as crypto markets remain unstable. As a result, the firm can adjust exposure while preserving capital.
Staking Expansion and Network Participation
BitMine disclosed that it has staked 2,897,459 ETH valued at roughly $6.7 billion. The staked balance increased by 888,192 ETH within one week. The company reported a Composite Ethereum Staking Rate of 2.81%, administered by Quatrefoil. Three staking providers currently support BitMine’s operations.
At current rates, staking generates about $188 million in annualized revenue. BitMine plans to expand this income through its MAVAN validator network. The company targets a commercial rollout in 2026. Increased validator participation aims to bring more Ethereum holdings online.
BitMine’s Ethereum holdings now represent about 3.55% of the network’s circulating supply. The firm remains over 70% toward its internal target of acquiring 5% of all ETH in circulation.
