Bitmine Buys 111,942 ETH on Dip, Lifts Holdings to 4.47% of Ethereum's Circulating Supply

Bitmine Immersion Technologies has added 111,942 ETH during the recent market downturn, taking its Ethereum reserves to 5,390,404 ETH, or 4.47% of Ethereum's circulating supply. Chairman Tom Lee said the company viewed Ethereum's move below $2,200 as an attractive entry point and will continue its accumulation strategy. In a press release, Bitmine described the transaction as its largest Ethereum purchase of 2026, leaving it about 644,000 ETH short of what Lee has dubbed the firm's "alchemy of 5%" goal, which he expects to reach sometime this year. Bitmine kept buying even as ETH slid toward $2,000 during the broader pullback. DropsTab data show the position is carrying an unrealized loss of about $7.3 million. The company has framed its approach as a long-term treasury strategy similar to Strategy's Bitcoin model under Michael Saylor. Alongside the purchases, Bitmine expanded staking across its holdings. Roughly 4.7 million ETH is now staked through its treasury operations, and the company estimates annualized staking rewards of nearly $276 million at current yields. Bitmine said its MAVAN validator platform provides institutional-grade staking infrastructure. The company said total crypto and cash holdings have reached $12.3 billion, including 203 Bitcoin, cash reserves, and investments in Beast Industries and Eightco Holdings. Lee reiterated his view that Wall Street tokenization and agentic artificial intelligence could underpin a new crypto supercycle, adding that Bitmine plans to keep accumulating Ethereum despite recent volatility. Earlier this month, he suggested purchases could slow as the firm nears its supply target. Bitmine shares rose about 3.5% in early Tuesday trading, according to Yahoo Finance, and Lee said the company remains on track for potential inclusion in the Russell 1000 index.