Bitmine Immersion Technologies said it purchased 101,901 ETH in the week ending April 26, 2026, lifting its total holdings to 5,078,386 ETH. The company described the move as its fastest pace of accumulation since December 2025, and the latest buy was its largest weekly purchase of the year.
Chairman Tom Lee said Bitmine has maintained aggressive buying for four straight weeks. He tied the purchases to the view that Ethereum is nearing the end of a “mini-crypto winter.” Two weeks earlier, the firm had already disclosed another large acquisition of 101,627 ETH, making the newest purchase slightly larger.
Holdings cleared 5 million ETH within 10 months
Lee called the new holding level a notable milestone, saying Bitmine reached it within 10 months. He added that the company is still pursuing a target of owning 5% of Ethereum’s total supply.
Part of the latest transaction came through an over-the-counter deal. Bitmine bought 10,000 ETH from the Ethereum Foundation, which the report said has continued selling portions of its holdings to fund operations.
Unrealized losses remain above $6.3 billion
The balance sheet shows the cost of that accumulation. According to DropsTab data, Bitmine is sitting on more than $6.3 billion in unrealized losses. Its average purchase price is still above $3,600 per ETH, while spot prices are hovering near $2,300.
At the same time, the company said its total crypto-related positions have expanded to $13.3 billion. As of April 26, Bitmine had 3,701,589 ETH staked, valued at about $8.8 billion. That staking book generates roughly $264 million in annualized revenue, adding an income stream to its large-scale ETH holding strategy.
Lee links Ethereum demand to tokenization and AI systems
Lee said the buying strategy reflects changing views on Ethereum’s role. He pointed to research that frames ETH as both a store of value and a form of collateral in financial transactions.
He also cited recent market performance, saying Ethereum has outperformed the S&P 500 since the Iran war began and ranks behind only crude oil among global assets over that period. Lee connected future demand for Ethereum to two trends named in the company update: Wall Street’s tokenization push and the growing use of public blockchains by AI-driven systems.