Bitmine Continues to Load Up on Ethereum, Now Owns 4.9% of all ETH in Circulation. Is BMNR Stock a Buy?

Bitmine Immersion Technologies (NYSE:BMNR) now owns nearly 5% of all outstanding Ethereum.

The company purchased 17,362 Ethereum tokens last week. It now holds over 6 million Ethereum tokens, collectively worth nearly $16.3 billion at Ethereum's current price of roughly $2,716 per token, as of this writing.

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Is Bitmine's stock a buy?

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Replicating a familiar strategy with a new cryptocurrency

Similar to how Strategy began buying up Bitcoin with firm capital in 2020, Bitmine began embracing this crypto-treasury strategy with Ethereum in mid-2025.

The company also appointed the famous market strategist Tom Lee as chair of its board of directors.

"Moreover, we continue to see affirming signs that a crypto bull market is underway, having started in late June," Lee said in a recent statement. "In our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026. With only a little more than a week left in calendar third quarter (3Q26), the outperformance of Ethereum as a macro asset continues to strengthen."