Bitmine bought 111,942 ETH in its largest 2026 purchase, bringing holdings near 5% of Ethereum supply.
Bitmine Immersion Technologies purchased 111,942 Ethereum (ETH) last week for approximately $237 million, its largest single acquisition of 2026 by ETH volume. The buy came weeks after Chairman Tom Lee indicated at Consensus 2026 in Miami that the firm planned to slow its weekly accumulation pace.
The purchase brings Bitmine's total holdings to 5,390,404 ETH, representing approximately 4.47% of Ethereum's circulating supply. The company has set a target of reaching 5% of the total supply, a milestone Lee said he expects the firm to hit at some point in 2026.
Lee had told attendees earlier in May, at Consensus 2026 in Miami, that Bitmine could reach the 5% mark in roughly six weeks at its then-current pace of approximately 100,000 ETH per week. He said at the time that the firm was considering a slower accumulation rate. The company changed course as ETH declined from around $2,400 in April and early May to near $2,100.
Staking Generates $276M in Annualized Revenue
"We view the recent pullback of ETH to below $2,200 as an attractive opportunity," Lee said in a statement. He added that Bitmine continues to expect a supercycle ahead for crypto and Ethereum, driven by Wall Street tokenization and agentic AI development.
Bitmine has staked more than 4.7 million ETH, approximately 87% of its total holdings, through its institutional staking platform, the Made in America Validator Network (MAVAN). The company projects annualized staking revenues of approximately $276 million based on current yields. Total crypto and cash holdings stand at $12.3 billion, which also includes 203 Bitcoin (BTC), $444 million in cash, and equity stakes in Beast Industries and Eightco Holdings.
Shares of Bitmine (BMNR) rose approximately 3.3% after the opening bell on May 26, recently changing hands at $19.51. The stock has declined roughly 12% over the past month and more than 38% over the past six months. Lee said the firm expects a liquidity event next month when Bitmine is added to the Russell 1000 index, which tracks the 1,000 largest US companies by market cap. Passive index funds and ETFs tracking the index may generate automated demand for BMNR shares ahead of and following inclusion.
ETH fell approximately 2% in the 24 hours prior to reporting, trading near $2,078. The asset remains approximately 58% below its all-time high of $4,946, reached in August 2025. #Ethereum #ETH #Staking #CryptoTreasury
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