Bitmine Buys 10,399 ETH as Tom Lee Cites 2,500bps Nasdaq Outperformance

Woofun AI reports that Bitmine Immersion (BMNR) executed a significant expansion of its Ethereum treasury strategy, acquiring 10,399 ETH while Chairman Tom Lee highlighted the asset’s robust recovery relative to traditional equities.

The acquisition, valued at approximately $19.1 million given ETH’s price of $1,840, was disclosed in a Monday update that confirmed the company’s cumulative holdings have reached nearly 5.8 million ETH. This volume represents roughly 4.8% of Ethereum’s circulating supply and mirrors the previous week’s purchase of 9,946 ETH, continuing a consistent buying streak that began when Bitmine adopted its Ethereum treasury strategy in June 2025.

Woofun AI data shows Bitmine simultaneously repurchased 4.5 million shares of common stock, bringing total recent buybacks to 16 million shares. In stark contrast, Strategy (MSTR) reduced its Bitcoin treasury by selling 1,638 BTC worth about $105 million, while using the proceeds to repurchase $81.2 million of STRC preferred stock and raise $290 million through common share sales.

Lee attributed the aggressive accumulation to ETH’s relative strength, noting that in July, the asset outperformed the Nasdaq 100 by 2,500 basis points. He identified this as the largest outperformance since July 2025, a period when ETH rallied from $2,375 to over $4,000, arguing that such historical precedents typically drive gains in Bitmine's stock.

As of August 2, Bitmine’s total assets including crypto, cash, and marketable securities stood at $11.3 billion, comprising 209 bitcoin, $173 million in liquid assets, and stakes in Beast Industries and Eightco Holdings. With 4.9 million ETH staked via MAVAN generating projected annual revenue of $247 million, shares fell 2.1% premarket as ETH dipped to $1,842.