Bitmine (BMNR), Ethereum’s largest treasury firm, bought 101,745 ether (ETH) last week as Chairman Thomas Lee said a new “crypto spring” is underway, even as market sentiment remains subdued.
The purchase raised the company’s holdings to more than 5.18 million ETH, about 4.29% of the token’s outstanding supply, according to an update on Monday.
Bitmine’s total cryptocurrency and cash holdings amount to $13.1 billion. In addition to its ETH position, the company owns 200 bitcoins. $700 million in cash and equity stakes, including investments in Beast Industries and Eightco Holdings.
The latest purchase, worth approximately $238 million at current ETH prices, has extended a streak of high weekly purchases as the firm doubles down on ETH accumulation at scale.
Crypto Spring Grows as CLARITY Act Moves Forward
That bet is based on the firm’s view that crypto markets are emerging from the “mini-winter” of recent months, while Lee pointed to improving market conditions and positive signs that U.S. digital asset regulation, known as the CLARITY Act, is moving forward.
“The US Senate released compromise language for the CLARITY Act, and while it prohibits the yield of stablecoins on reserves, ‘rewards’ based on activity may be offered, in an attempt to balance the needs of protecting existing depository institutions (aka traditional banks),” he said in a statement. “This compromise is largely acceptable to us and we hope to have this bill passed in 2026.” Polymarket prediction market traders assigned more than 60% chances of approval this year, he added.
“In our view, the cryptocurrency spring has begun and, as in previous cycles, investor sentiment and conviction are muted and bearish even as cryptocurrency prices strengthen,” Lee said.
Lee said Ethereum is benefiting from two long-term trends: the shift of financial assets onto blockchain rails known as tokenization and the rise of artificial intelligence (AI) tools that he believes will seek out neutral public networks for payments and verification.
He added that ETH is increasingly seen as a store of value and medium of exchange, citing its outperformance against stocks since the start of the conflict with Iran.
BitMine has also expanded its staking operations, pledging over 4.36 million ETH (over 84% of its holdings) to generate yield, earning around $297 million in annualized revenue. Its MAVAN staking platform is designed to support both internal operations and external institutional demand. Lee will speak at CoinDesk’s Consensus Miami this week.
