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04/08/2026

BitMine Accumulates Nearly 4% of Ethereum Supply as ETH Hits Weekly Peak

Tom Lee-backed publicly traded firm BitMine Immersion Technologies added $150 million worth of Ethereum last week, expanding its treasury to $10.

BitMine Accumulates Nearly 4% of Ethereum Supply as ETH Hits Weekly Peak

What happened: Tom Lee-backed publicly traded firm BitMine Immersion Technologies added $150 million worth of Ethereum last week, expanding its treasury to $10.3 billion worth of ETH. The company now controls nearly 4% of Ethereum's total supply through its institutional accumulation strategy.

Why it matters: This level of corporate Ethereum accumulation by a single entity represents unprecedented institutional concentration in the second-largest cryptocurrency. BitMine's aggressive buying coincides with ETH's recent price strength, suggesting institutional confidence in Ethereum's long-term prospects while raising questions about supply concentration risks.

Source: Decrypt