Tom Lee's BitMine Makes Biggest Ethereum Buy Yet in 2026
BitMine Immersion Technologies, a publicly traded Ethereum treasury firm, recently added 111,942 ETH—worth over $237 million—to its holdings, bringing its total to 5,390,404 ETH valued at about $11.4 billion. This gives the company control of over 4.4% of the circulating ETH supply, nearing its goal of 5% ownership by 2026. The firm accelerated its purchase as ETH traded below $2,200, viewing it as a strategic buying opportunity. Over 4.7 million ETH from BitMine’s holdings is staked on its MAVAN platform, generating anticipated annualized staking revenues of more than $276 million. BitMine’s shares rose 3.3% recently but are down 12% over the last month and 38% over six months. The company expects a liquidity boost as it will soon be added to the Russell 1000 index, potentially attracting passive investment flows. Ethereum’s price has dropped 2% in 24 hours and is down 11% in the past month, remaining about 58% below its all-time high.
