Bitmine buys $139M in ETH as Tom Lee sees winter ending

Bitmine Immersion Technologies has increased its Ether holdings again as chairman Tom Lee said the token’s recent weakness may be nearing an end. The company disclosed a fresh purchase of 65,341 ETH worth about $139 million, lifting its total holdings to more than 4.6 million Ether.

Bitmine said it has raised its buying pace over the past three weeks. Lee said the company’s base case is that Ether is in the final stages of a “mini-crypto winter” after several months of pressure across digital asset markets.

The latest purchase added 65,341 ETH to the company’s balance sheet. That brought Bitmine’s holdings to about 4.661 million Ether as of March 23, according to the company’s update.

Lee also pointed to policy and market signals that he said support a better outlook for crypto. In the company statement, he linked that view to progress on the CLARITY Act and to the way Ether and other digital assets have held up during recent geopolitical stress.

Bitmine’s total Ether position now equals about 3.86% of the circulating supply, based on Ethereum’s circulating supply of about 120.69 million tokens. The company has said it wants to accumulate 5% of the circulating supply over time.

To reach that goal at the current supply level, Bitmine would still need roughly 1.37 million more ETH. At prices near $2,156, that would require close to $3 billion in additional purchases.

Ether’s supply is not fixed. The total can rise or fall depending on issuance and token burning, so the amount needed to reach 5% can change over time.

Staking remains part of the strategy

Bitmine said more than 3 million of its Ether is now staked. That means the company is not only building a treasury position but also using the assets within Ethereum’s proof-of-stake system.

The company also reported other holdings on its balance sheet. These include about $1.1 billion in cash, 196 Bitcoin, a $200 million stake in Beast Industries, and a $95 million stake in Eightco Holdings.

Moreover, Bitmine is now one of the largest corporate Ether holders in the market. Strategic ETH Reserve data cited in public reports shows Bitmine ahead of other treasury firms, with SharpLink Gaming and Ether Machine trailing by a wide margin.

The company’s latest move also reflects a wider trend that grew across 2025 as more firms shifted capital into crypto treasury strategies.