Bitmine makes largest ether purchase since June as Tom Lee points to crypto's strong Q3

Bitmine Immersion Technologies significantly accelerated its digital asset accumulation by purchasing 53,501 ether (ETH) last week, valued at approximately $131.3 million. This marks the company's largest ether acquisition since June and lifts its total holdings to 5,901,112 ETH, worth roughly $14.5 billion at prevailing market prices. With this purchase, Bitmine controls roughly 4.9% of Ethereum's total 120.7 million token circulating supply, putting its long-term goal of acquiring 5% of the total network supply within close reach. Bitmine Chairman Tom Lee highlighted the strong performance of cryptocurrency assets in the third quarter as a key driver that could attract broader institutional participation. Ether gained 55% in August, significantly outperforming major U.S. stock benchmarks. In addition to direct token accumulation, Bitmine has staked approximately 5.07 million ETH (86% of its balance sheet holdings), generating an estimated $335 million in annualized staking revenue, reinforcing Ethereum's strategic institutional appeal through yield generation.