Bitmine Immersion Technologies purchased 52,203 ETH last week, worth about $92 million, increasing its holdings to 5.67 million ETH, which is 4.7% of Ethereum's circulating supply and valued at nearly $10 billion. The firm is 94% toward its goal of owning 5% of ETH supply and plans to continue buying through 2026. Chairman Tom Lee maintains a bullish long-term view, citing demand from tokenization and AI. Bitmine also raised $274 million through preferred stock issuance and generates $223 million in annualized staking revenue from 4.72 million staked ETH. Despite recent price pullbacks, Lee believes the crypto market is in the early stages of a recovery, or 'crypto spring', and that the downturn following October 2025's liquidation shock is ending.

Key facts

• Bitmine bought 52,203 ETH ($92M) last week, holdings now 5.67M ETH (4.7% of supply).
• Firm is 94% toward goal of owning 5% of Ethereum's circulating supply.
• Chairman Tom Lee remains bullish, citing tokenization and AI demand.
• Bitmine raised $274M via preferred stock; staking yields $223M annualized.
• Lee calls current market early 'crypto spring' despite recent price declines.

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