Bitmine Immersion Technologies bought 111,942 ETH last week at prices below $2,200, marking the company’s largest single purchase so far in 2026. Chairman Tom Lee said on Tuesday that the pullback created “an attractive entry point” and repeated his view that both crypto and Ethereum are approaching a supercycle.
Over the past seven days, ETH traded in a range of $2,025 to $2,147. That leaves it more than 58% below its all-time high of $4,946, set in August 2025. Even with that backdrop, Bitmine kept adding. The company’s buying activity shows that it is treating the recent weakness as an accumulation window rather than a change in direction.
Lee ties the supercycle call to tokenization and agentic AI
In the company statement, Lee said the supercycle thesis rests on two engines: Wall Street asset tokenization and agentic AI. He added that Bitmine has continued to build its ETH position steadily and now holds close to 5.4 million ETH. The article notes that this is not a new line of thinking for Lee, who has publicly called for buying during earlier market pullbacks as well.
Bitmine’s stated goal is to own 5% of Ethereum’s circulating supply. Based on a circulating amount of roughly 120.7 million ETH, that would mean a position of more than 6 million ETH. From current levels, the company is still about 645,000 ETH short of that target. Lee said Bitmine plans to reach the milestone during 2026.
More than 4.7 million ETH staked as yield becomes central
Bitmine is not only accumulating ETH. It has already staked more than 4.7 million ETH, with expected annualized staking income of $276 million. For Ethereum treasury firms, the contest is no longer just about who holds the most coins. Yield generation is becoming a major part of the equation.
Everstake said in a report released Tuesday that Ethereum reserve companies are facing competitive pressure from ETFs. Without staking and other yield strategies, the appeal of a pure buy-and-hold model may keep fading. That shifts attention from balance-sheet size alone to how effectively those assets are deployed on-chain.
Ethereum staking climbs above 39.2 million ETH
Data from Ethereum Validator Queue shows that total ETH staked across the network has passed 39.2 million ETH, equal to about 32.19% of circulating supply. Another 3.3 million ETH is waiting in the staking queue, while roughly 234,000 ETH sits in the exit queue. The numbers point to continued demand for staking even as price remains well below the previous peak.
That context gives Bitmine’s latest purchase extra weight. The company is adding ETH while also feeding much of its reserve into a staking-based income model. The article frames the next test of Lee’s supercycle call around whether Wall Street tokenization and agentic AI gain real speed in the second half of 2026.