CoinDesk
Bitmine Immersion purchased 111,942 ETH last week for approximately $237 million, its largest single haul since December, bringing total holdings to nearly 5.4 million tokens — roughly 4.47% of Ethereum's circulating supply. The move came despite chairman Tom Lee signaling at Consensus 2026 in Miami earlier in May that the firm planned to slow its weekly accumulation pace.
Lee reversed course as ETH slid from $2,400 in early May to near $2,100, calling the pullback below $2,200 "an attractive opportunity." The firm now expects to hit its stated target of controlling 5% of ether's supply later in 2026.
Bitmine's total crypto and cash holdings stand at $12.3 billion. The firm has staked more than 4.7 million ETH — about 87% of its position — generating roughly $276 million in annualized staking revenue, making it one of the largest institutional ETH staking operations in existence.
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