Tom Lee's BitMine expands Ethereum holdings after $820 million week of buying

Ethereum treasury firm BitMine Immersion Technologies (ticker BMNR) has disclosed a fresh week of ether accumulation, saying it purchased roughly 203,826 ETH and now holds 3.24 million ETH in total.

The company also listed 192 bitcoin, $219 million in cash, and $119 million in equity of Eightco Holdings as part of $1.34 billion in combined crypto and cash holdings.

BitMine's ether position represents about 2.7% of ETH’s circulating supply and solidifies its lead as the largest digital asset treasury company focused on Ethereum, according to the press release.

The update is part of a string of rapid-fire purchases that The Block has tracked this month. Onchain watchers last week flagged a 104,000 ETH transfer inbound to BitMine-linked addresses during a market drawdown. Earlier this month, the firm said its ether balance had topped 3 million.

Meanwhile, BitMine Chairman Tom Lee has argued that Ethereum is a "truly neutral" chain likely to see growing institutional adoption, a view the company has used to justify its bid to reach 5% of ETH’s supply over time.

Ether’s price is down almost 10% in October following the recent historic deleveraging event. BitMine has framed the buying as opportunistic amid post-liquidation price dislocations.

"The crypto market saw one of its largest deleveraging events ever last week, and this put downward pressure on ETH prices," Lee said, adding that "given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward."

Ether has hovered near $4,000 today, according to The Block's price page, while BMNR shares rose 7% shortly after today’s announcement and U.S. market open.