TL;DR:
Bitmine Immersion Technologies acquired 101,901 ETH during the past week at a reported price of $2,369 per token, representing an approximate outlay of $241.4 million. The transaction brought its total holdings to 5.078 million ETH. This marks the company’s highest weekly purchase pace since the week of December 15, 2025, according to statements by Tom Lee.
The firm, backed by well-known market strategist Tom Lee, has completely transformed its profile in recent months: from a cryptocurrency mining company to a listed Ethereum accumulation vehicle. Its current holdings represent 4.21% of Ethereum’s total supply and form the core of a portfolio totaling $13.3 billion, which also includes $940 million in cash, 200 bitcoins and equity stakes the company describes as “moonshots“.
The acceleration of purchases intensified throughout April. Last week, Bitmine’s ETH staking already exceeded 70% of its holdings following a separate $320 million transaction. Prior to that, the company had disclosed the acquisition of another 101,627 ETH, and Lee declared that “the crypto winter is much closer to being over.” In recent weeks, the Ethereum Foundation also sold directly approximately $24 million in ETH to Bitmine.
Currently, approximately 3.7 million ETH held by the firm, valued at roughly $8.8 billion, are being staked. The company estimated its annualized staking revenues will be close to $264 million and projected that figure could scale to $363 million if all of its holdings are incorporated into MAVAN, its own validation platform. In a recent statement, Lee described ETH as the leading “reserve asset in times of war” since the onset of the conflict with Iran, a thesis he has repeated across his public appearances in recent weeks.
