TL;DR:
- Bitmine bought 111,942 Ethereum tokens last week for approximately $237 million, its largest acquisition since December 2025.
- The firm holds nearly 5.4 million ETH, equivalent to 4.47% of the circulating supply. It aims to control 5% by 2026.
- With $12.3 billion in crypto assets and cash, Bitmine generates around $276 million annually in staking revenue.
Bitmine Immersion executed last week its largest purchase of Ethereum since December 2025: 111,942 ETH acquired for approximately $237 million at current market value. The transaction raised the company’s total holdings to nearly 5.4 million tokens, representing 4.47% of Ethereum’s circulating supply.
The accelerated pace of purchases contradicts statements made by chairman Tom Lee in early May at Consensus 2026 in Miami, where he anticipated a slowdown in weekly accumulation. However, ETH’s price decline from the $2,400 levels recorded in April and early May to around $2,100 altered the company’s strategic calculation.
“We continue to acquire ETH in a sustained manner,” Lee said in an official statement. “We view the recent drop in ETH below $2,200 as an attractive opportunity.”
Bitmine: The Strategy Model for Ethereum
Lee also confirmed that the firm expects to reach its goal of controlling 5% of Ethereum‘s supply before the end of 2026. At the current accumulation rate, the gap between existing holdings and that target is just half a percentage point.
In terms of balance sheet structure, Bitmine reports $12.3 billion in combined crypto assets and cash. The portfolio also includes 203 bitcoin, $444 million in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings.
$276 Million in Staking Revenue
The company has staked more than 4.7 million ETH, approximately 87% of its total holdings. That position generates around $276 million in annualized staking revenue, making Bitmine one of the largest institutional validators in the Ethereum ecosystem.
The strategy of accumulating ETH steadily and capitalizing on price drops to scale positions replicates, in conceptual terms, the model that Strategy popularized with bitcoin, applied here to the second-largest network by market capitalization.
According to the latest CoinMarketCap data, Ethereum (ETH) trades at around $2,070 per unit and has declined nearly 3% over the past 24 hours. Its trading volume surged 48%, approaching $15.5 billion.
