Tom Lee’s Bitmine Adds $20M in Ethereum, Seizing on Vitalik’s ‘ETH Is Money’ Declaration

Bitmine Immersion Technologies bought another 9,587 Ethereum, worth about $20 million, extending its weekly buying streak. Chairman Tom Lee said comments by Ethereum co-founder Vitalik Buterin describing ETH as a store of value supported Bitmine’s strategy, and argued that Ethereum could benefit from growing use of tokenised assets and AI.

The NYSE-listed company reported holdings of 6,070,092 ETH, valued at roughly $13.6 billion at $2,234 per coin. That represents 4.97% of Ethereum’s supply and puts Bitmine 99% of the way towards its 5% ownership target; it has bought ETH weekly since 30 June 2025. Its total holdings, including other assets, were $14.3 billion, and it had staked about 5.23 million ETH, with projected annual staking revenue of around $359 million.