Bitmine Immersion Technologies Inc. used a recent market pullback to acquire 111,942 ETH in a single targeted trading week, deploying about $237 million. Corporate disclosures and regulatory balance sheet updates show the trade was the largest corporate Ethereum purchase completed anywhere in 2026. After the buy, the NYSE-listed digital infrastructure company increased its Ethereum treasury to 5,390,404 ETH, taking the top spot among corporate Ethereum holders worldwide.
Drop below $2,200 changed the company’s buying pace
The timing was tied directly to weakness in the spot market. Before this purchase, Bitmine’s leadership had indicated it might slow the pace of accumulation. At Consensus 2026 in Miami, management said it did not want to reach its threshold too quickly. That changed once ETH moved down from its spring trading range and broke the $2,200 support level. Chairman Tom Lee and the executive team recalculated their pricing model and viewed the move toward $2,100 as a favorable entry area.
The buy pushed Bitmine’s ownership to about 4.47% of Ethereum’s total circulating supply. The report places Ethereum circulation at roughly 120.7 million tokens. The company has publicly tied its treasury plan to an “Alchemy of 5%” target, meaning it wants to control 5% of supply. At its current level, that objective is now much closer than before, and the timeline has clearly moved forward.
Ethereum anchors a $12.3 billion treasury structure
Following the transaction, Bitmine’s total treasury value stands at about $12.3 billion. Ethereum remains the core of that structure. The company also holds 203 Bitcoin. Outside crypto, it has equity exposure to other businesses, including a $200 million stake in Beast Industries and a $95 million position in Eightco Holdings. Bitmine also reports a $444 million cash reserve, giving the balance sheet a sizable fiat buffer.
Most of the ETH has already been committed to staking
Bitmine is not treating its treasury as a passive reserve. The company has deployed and locked 4,712,917 ETH into its own validator infrastructure, the Made in America Validator Network, or MAVAN. That equals roughly 87% of its total Ethereum holdings. Based on the company’s disclosed figures, the network has a verified seven-day annualized yield baseline of 2.75%.
At that rate, Bitmine’s staking setup is on track to generate about $276 million in annualized rewards. The model turns a large treasury position into an income-producing operation tied directly to Ethereum’s proof-of-stake network. In this case, the price decline did not interrupt the strategy. It gave Bitmine a cheaper window to scale it faster.