Tom Lee’s Bitmine Buys $14M in Ethereum as Cash Falls to $104M

Ethereum treasury company Bitmine Immersion Technologies said Monday it bought 7,391 ETH over the past week, worth about $14 million, taking its holdings to 5,805,238 ETH as of Friday evening. The company bought 10,399 ETH the week before.

Total crypto, cash and what the firm calls “moonshot” investments came to $11.6 billion, up from $11.3 billion. Most of that gain came from price, with ETH up 2.6% over the week to $1,928, adding around $280 million to the value of a stack that grew by $14 million in purchases.

The firm’s cash position continues to thin, with cash and marketable securities standing at $104 million, down from the $173 million it reported a week earlier and $482 million the company reported for July 12—a decline of 78% in a month. Alongside the ETH, Bitmine holds 209 Bitcoin, a $180 million stake in Beast Industries and $69 million of Eightco Holdings.

Bitmine repurchased 3 million shares over the week, down from 4.5 million, bringing the total to 19.1 million since July 1 under a $4 billion authorization. Chairman Tom Lee said the company “continues to view Bitmine’s common shares as undervalued,” and called the program the largest executed by any crypto treasury company.

Staking now covers 5,067,309 ETH, or 87% of holdings, up from 85% a week earlier. Lee put projected annualized staking revenue at $257 million, based on a seven-day yield of 2.63%.

The last 4%

Bitmine’s stack is 4.8% of Ethereum’s 120.7 million supply, and the company again described itself as 96% of the way to its “Alchemy of 5%” target, the same figure it gave a week ago and the fifth straight week at 4.8%. Reaching 5% would take about 229,800 more ETH, or roughly 31 weeks at last week’s rate.

The firm has bought ETH every week since starting the strategy on June 30, 2025. It picked up $214 million worth in June during a selloff Lee called “superficial,” added $49 million in July on early demand for Robinhood Chain, then eased off later that month before passing 5.79 million ETH.

Lee said he was “disappointed” the Clarity Act would not reach a Senate vote before the August recess, but pointed to softer inflation and jobs data, putting the odds of a September Federal Reserve hike at 40%, down from 75% a fortnight ago. Those odds have since risen to 46%, according to CME FedWatch.