Bitmine Immersion Technologies, the largest publicly traded holder of ether, bought 27,180 ETH over the past week, the company said.
The purchase brings Bitmine's total ether holdings to 5,956,378 coins, acquired at an average price of $2,513 per coin. Company management said Bitmine now owns 4.9% of the total ether supply of 122 million coins.
As of September 13, Bitmine's holdings also included 212 bitcoins, stakes in Beast Industries worth $180 million and in Eightco Holdings worth $98 million, along with cash and securities totaling $549 million. The company put the combined value of all its assets at $15.8 billion.
Staking program
As of September 7, Bitmine had staked 5,067,309 ether worth $12.7 billion, about 85% of its current ether holdings. Once all of its ether is deployed into the MAVAN staking program, Bitmine projects annual staking income of around $392 million.
Analyst points to August trading pattern
Tom DeMark, Bitmine's capital markets advisor and founder of DeMark Analytics, pointed to ether's trading pattern in August, when the price moved sideways without falling. DeMark said he expects ether to resume its rise in the coming weeks. He said a one-day spike in ether above $2,500 on August 19 could signal a sharp rally ahead for the cryptocurrency.
Tom Lee sees ether as undervalued
Bitmine board chairman Tom Lee recalled that past bull rallies in ether were driven by the initial coin offering boom of 2017 to 2018, the surge in non-fungible tokens in 2020 to 2021, and stablecoins in 2025. He said the main driver of ether's growth now should be the tokenization of assets on the Ethereum blockchain and the growth of AI agents.
Lee said ether is significantly undervalued at present. He suggested the asset's market capitalization could eventually grow to $5 trillion as a large number of decentralized finance applications are built on the Ethereum network.
