On-chain trackers spotted Tom Lee's Bitmine Immersion Technologies withdrawing 13,000 ETH, worth roughly $24.36 million, from custodian BitGo, the latest addition to what has become the longest sustained ether-buying campaign by a public company. The on-chain transfer extends Bitmine's weekly buying streak to 58 consecutive weeks.
As of August 9, Bitmine's total crypto holdings stood at 5,805,238 ETH, worth roughly $11.2 billion at prevailing prices, alongside a smaller 209 BTC position, a $180 million stake in Beast Industries, and a $69 million stake in Eightco Holdings. Cash and marketable securities on the balance sheet totaled $104 million.
A Slowing Pace, Still Climbing
The 13,000 ETH purchase is notably smaller than Bitmine's typical weekly haul; the company added just 7,391 ETH in its most recent reported week, its smallest weekly purchase of 2026, as capital has increasingly shifted toward share buybacks rather than fresh accumulation. That deceleration comes as Bitmine's ETH holdings represent about 4.8% of total ether supply, a level the company has now held for five straight weeks as it closes in on what Lee has called an "Alchemy of 5%" target — roughly 230,000 ETH away at current holdings.
Related: Strategy Sells 1,690 BTC to Fund STRC Buyback, Holdings Hit 840,447
Staking Income Adds Up
Much of Bitmine's ETH position is put to work rather than simply held. The company has staked roughly 5.07 million ETH, worth about $9.8 billion, and Lee has projected annualized staking revenue near $257 million based on a recent seven-day yield of 2.63%. That yield stream gives Bitmine a recurring cash source independent of ether's price, a structural difference from bitcoin-only treasury companies that have leaned more heavily on debt and equity issuance to fund both accumulation and shareholder returns.
