BitMine chairman Tom Lee has confirmed the company went on an Ether buying spree after the crypto market saw one of its most significant deleveraging events earlier this month.
“Open interest for ETH sits at the same levels as seen on June 30th of this year, ETH was $2,500, given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” he said in a statement on Monday.
BitMine bought up another $250 million Ether (ETH) on Monday from crypto exchanges Bitgo and Kraken, according to blockchain analytics platform Arkham Intelligence.
This now brings BitMine more than halfway to its goal of holding 5% of Ether’s total token supply, with total Ether holdings now at over 3.3 million tokens worth over $13 billion, and representing 2.74% of the total supply.
Lee made several bullish statements about Ether during the company’s buying spree last week.
During an episode of the Bankless podcast last Wednesday, Lee held firm on his prediction for Ether to hit $10,000 this year, despite just over two months remaining on the clock. To reach Lee’s target, it would need to rise 150% from its price of $3,986 on Monday.
BitMine stock on the rise
BitMine’s stock (BMNR) shot up 7.92% to trade at $53.80 on Monday. In the last six month’s the company’s stock has gained over 691%.
“BitMine continues to attract institutional investor capital as our high liquidity is appealing. The combined trading volume share of BitMine and MSTR is now 88% of all global DAT trading volume,” Lee said.
BitMine reigns as the largest Ether company
BitMine is by far the largest Ether treasury company, with the next closest publicly listed stash held by SharpLink Gaming, totalling 840,012 tokens, according to StrategicETHReserves.
Related: BitMine’s Lee calls ETH a ‘discount to the future,’ Bit Digital eyes $100M
Institutions have been steadily acquiring Ether throughout 2025, with the total across treasury companies sitting at over 5.74 million tokens, representing 4.75% of the supply.
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