Bitmine Buys Largest ETH since December Amid Price Dip Despite Slowdown Hint
Bitmine Immersion (BMNR), the Ethereum treasury firm led by chairman Tom Lee, announced on Monday that it purchased 111,942 ether (ETH) last week, worth approximately $237 million at current prices. This is the company's largest single purchase since December 2025 and comes despite Lee's earlier suggestion in May at Consensus 2026 that the firm would slow its weekly accumulation pace. The purchase capitalizes on ETH's drop below $2,200, with the price falling from $2,400 in early May to near $2,100. The firm now holds nearly 5.4 million ETH, about 4.47% of Ethereum's circulating supply, and expects to reach its goal of cornering 5% of the supply later in 2026. Bitmine's total crypto and cash holdings stand at $12.3 billion, including 203 bitcoin and $444 million in cash, and it stakes over 4.7 million ETH generating roughly $276 million in annualized staking revenue.
Key facts
- Bought 111,942 ETH worth ~$237M, the largest purchase since December 2025.
- Purchase occurred despite Lee's earlier suggestion to slow weekly accumulation.
- Now holds 5.4M ETH (4.47% of circulating supply), targets 5% in 2026.
- Total crypto & cash: $12.3B; stakes 4.7M ETH yielding ~$276M annually.