Bitmine Immersion Technologies BMNR$23.51·At close, the largest Ethereum treasury company, picked up the pace of its ether $ETH$2,511.20 purchases last week, buying 32,447 $ETH after several weeks of more modest additions to its crypto treasury.

The purchase is worth roughly $81 million at Monday's $ETH price of $2,500 and lifted Bitmine's holdings to 5,847,611 tokens. The entire stash is valued at about $14.6 billion at current prices.

BMNR is higher by 3.5% in pre-market trading as $ETH climbs past $2,500.

The Tom Lee-chaired company had eased off its buying in recent months as it moved closer to its self-imposed goal of owning 5% of Ethereum's supply. Still, Bitmine hasn't stopped buying. The company has added $ETH every week since launching its Ethereum treasury strategy in June 2025, according to Lee.

Its holdings now account for roughly 4.8% of Ethereum's 120.7 million token supply. At the current supply level, reaching the 5% target would require about 6.04 million $ETH, leaving Bitmine roughly 187,000 tokens short of its target.

Lee sees more room to run

Bitmine’s pickup in acquisition pace came alongside a rebound in crypto prices, including $ETH, which gained about 30% over the past week.

Lee argued the move could have further to run, pointing to two previous instances in which $ETH appreciated by more than 30% in a week.

"In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in $ETH," Lee said. He noted that ether subsequently gained 167% following a similar move in July 2021 and 170% after the May 2025 rally. Historical price patterns don't guarantee similar returns.

Lee said easier financial conditions, Wall Street's push to tokenize assets and potential blockchain use by AI agents could provide further support. He also expects those trends to help ether gain ground against bitcoin.

Bitmine has also put most of its treasury to work through staking. The firm has staked 5.07 million $ETH, or about 87% of its holdings, and projects roughly $330 million in annualized staking revenue at current yields.