Bitmine buys 101,627 ETH, nearing 5% Ethereum supply goal

Bitmine Immersion Technologies, chaired by Tom Lee, bought 101,627 ETH in what it calls its largest 2026 weekly purchase. The acquisition lifts Bitmine’s total holdings to about 4.97 million ETH, roughly 82% of its stated goal to control 5% of Ethereum’s total supply. At the prices cited in the company update, the latest ETH purchase is worth more than $230 million. Bitmine says its ETH treasury is about $11.5 billion. Total assets across crypto, cash, and equity are reported at $12.9 billion. Tom Lee attributes the accelerated ETH buying to improving market conditions and points to ether’s rebound from early-February lows. He also cites relative strength versus equities since the start of the Iran conflict. A key emphasis is staking. Bitmine says it has staked over 3.3 million ETH through its MAVAN validator network and partners, equal to about 67% of total holdings. The company reports a 7-day annualized staking yield of 2.88%, above the 2.76% Composite Ethereum Staking Rate. On this basis, Bitmine estimates about $221 million in annualized staking revenue, potentially rising to about $330 million once fully deployed into staking. The company also disclosed smaller positions: 199 BTC, $1.1 billion in cash, plus $200 million in Beast Industries and $107 million in Eightco Holdings. Bitmine says it ranks second globally among crypto treasury firms behind Strategy, and first among corporate ETH holders. It also uplisted to the NYSE on April 9.