Bitmine Immersion Technologies scooped up 111,942 ETH last week as Ethereum sank below $2,200, marking its largest single purchase of 2026. The acquisition pushed the firm's total holdings to 5,390,404 ETH, representing 4.47% of Ethereum's circulating supply.
Closing in on the 5% Milestone
Chairman Tom Lee described the buy as an attractive opportunity, with Bitmine aiming to hit its self-styled "alchemy of 5%" target this year. To get there, the company still needs more than 644,000 ETH. Data from DropsTab shows Bitmine currently sitting on an unrealized loss of $7.3 million on its ETH position, but Lee stressed that the long-term accumulation approach—similar to MicroStrategy's bitcoin treasury model—remains intact.
Staking Rewards Could Hit $276 Million Annually
Bitmine has staked about 4.7 million ETH through its MAVAN validator platform, which it bills as institutional-grade staking infrastructure. Using current yields, the company projects annualized staking rewards of nearly $276 million. That's a recurring revenue stream few crypto firms can match.
Beyond Ethereum, Bitmine's total crypto and cash holdings stand at $12.3 billion, including 203 bitcoin, cash reserves, and stakes in Beast Industries and Eightco Holdings.
Tom Lee: Wall Street Tokenization and AI as Supercycle Drivers
Lee reiterated his bullish outlook, predicting that Wall Street tokenization and agentic artificial intelligence will power the next crypto supercycle. Bitmine plans to keep accumulating Ethereum steadily, though Lee hinted earlier this month that purchases could slow as the company nears its supply target. Shares of Bitmine rose about 3.5% in early Tuesday trading, and Lee noted the company remains on track for possible inclusion in the Russell 1000 index.