- Bitmine acquired 111,942 ETH during the market dip, raising total holdings to 5.39 million ETH worth billions overall.
- The company staked about 4.7 million ETH and projects nearly $276M in annual rewards from validator operations alone.
- Tom Lee said Wall Street tokenization and AI could fuel a crypto supercycle as Bitmine keeps accumulating Ethereum.
Bitmine Immersion Technologies expanded its Ethereum holdings after purchasing 111,942 ETH during the recent market decline. The acquisition pushed the company’s reserves to 5,390,404 ETH, representing 4.47% of Ethereum’s circulating supply. Chairman Tom Lee said the company viewed Ethereum’s drop below $2,200 as an attractive buying opportunity while continuing its aggressive accumulation strategy.
Bitmine Expands Ethereum Treasury
According to the company’s press release, Bitmine completed its largest Ethereum purchase of 2026 over the past week. The company now holds nearly 5.4 million ETH as it moves closer to controlling 5% of Ethereum’s supply.
Tom Lee said Bitmine expects to achieve its “alchemy of 5%” target sometime this year. The company still needs more than 644,000 ETH to reach that milestone.
Notably, Bitmine continued buying despite Ethereum falling near $2,000 during the broader market pullback. According to DropsTab data, the company currently holds an unrealized loss of $7.3 million on its ETH position.
However, Bitmine maintained its long-term accumulation approach, which resembles Strategy’s Bitcoin treasury model under Michael Saylor.
Staking Strategy Generates Revenue
Alongside the purchases, Bitmine increased its staking activity across its Ethereum reserves. The company currently has about 4.7 million ETH staked through its treasury operations.
According to the announcement, Bitmine projects annualized staking rewards of nearly $276 million using current staking yields. The company said its MAVAN validator platform supports institutional-grade staking infrastructure.
Meanwhile, Bitmine’s total crypto and cash holdings reportedly reached $12.3 billion. Those assets include 203 Bitcoin, cash reserves, and investments in Beast Industries and Eightco Holdings.
Tom Lee Repeats Ethereum Supercycle View
Tom Lee also repeated his bullish outlook on Ethereum and the broader crypto market. According to Lee, Wall Street tokenization and agentic artificial intelligence could drive the next crypto supercycle.
Lee stated that Bitmine plans to continue accumulating Ethereum steadily despite recent volatility. Earlier this month, he suggested the company could slow purchases as it neared its supply target.
Meanwhile, Bitmine shares rose around 3.5% in early Tuesday trading, according to Yahoo Finance data. Lee also noted recently that the company remains on track for possible inclusion in the Russell 1000 index.
