Tom Lee’s Ethereum DAT BitMine now holds 3% of the total ETH supply

BitMine Immersion (BMNR) announced its total crypto, cash, and asset holdings reached $12.1 billion, largely due to having the world's largest Ethereum treasury, which now controls over 3% of the total ETH supply. Chairman Tom Lee stated the firm acquired nearly 97,000 ETH in the past week alone, accelerating purchases despite recent price slides, as they move toward their 5% ownership target. Lee cited catalysts like the upcoming Fusaka upgrade and the end of quantitative tightening as reasons for increased accumulation. This update comes as many corporate crypto treasuries faced sharp declines in net asset values during the recent market drawdown, which saw BitMine's ETH stack value fall from $14 billion to $9.7 billion. BitMine is also developing its staking product, MAVAN, aiming for a 2026 deployment.

(Source：The Block)