CoinDesk
Bitmine Immersion bought 111,942 ETH worth roughly $237 million last week, the Ethereum treasury firm's largest weekly purchase since December, lifting its total holdings to about 5.4 million tokens — roughly 4.47% of circulating supply. The buying accelerated even though chairman Tom Lee said earlier in May at Consensus 2026 in Miami that the firm planned to slow weekly accumulation.
Lee framed the reversal as opportunistic. "We view the recent pullback of ETH to below $2,200 as an attractive opportunity," he said, noting the firm is still on track to control 5% of Ethereum's supply later in 2026. ETH has slid from above $2,400 in early May toward $2,100, a level Bitmine is now actively scaling into rather than waiting out.
Why it matters
The pace reversal matters because the public guidance had been a slower cadence. Going from "slowing down" to "largest haul since December" in the same month reframes the May commentary as a price-triggered pause, not a strategic ceiling. With Bitmine staking more than 4.7 million ETH — about 87% of its stack — the firm is running a $12.3 billion treasury operation that generates roughly $276 million in annualized staking yield, turning a balance-sheet bet into a yield-bearing position.
Market impact
The buy is large enough to register against weekly ETH spot volumes: $237 million added by a single corporate buyer during a sub-$2,200 tape absorbs supply that would otherwise need to clear on the open market. Bitmine's stated 5%-of-supply target, executed against today's prices, would imply tens of billions of additional ETH demand if the firm holds the cadence. Watch the weekly purchase run-rate: a return to ~110K ETH/week is a structural bid; a fade back toward Lee's original "slowdown" guidance would unwind the signal that drove the move.
Frequently asked questions
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How much ETH did Bitmine buy last week?
Bitmine Immersion bought 111,942 ETH last week, worth roughly $237 million at current prices — its largest weekly purchase since December 2025.
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Why did Bitmine accelerate ETH buying after saying it would slow down?
Chairman Tom Lee said the firm views ETH's pullback below $2,200 as an attractive entry. Bitmine had signaled a slowdown at Consensus 2026 earlier in May, but the price dip triggered a reversal to its largest weekly haul since December.
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How much ETH does Bitmine hold and what percentage of supply is that?
Bitmine holds about 5.4 million ETH, roughly 4.47% of Ethereum's circulating supply. Its stated target is to control 5% of supply later in 2026.
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How much staking revenue does Bitmine generate from its ETH holdings?
Bitmine has staked more than 4.7 million ETH — about 87% of its holdings — generating approximately $276 million in annualized staking revenue.
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What is Bitmine's total crypto and cash position?
Bitmine's total crypto and cash holdings stand at $12.3 billion, including 203 BTC, $444 million in cash, and equity stakes in companies including Beast Industries and Eightco Holdings.
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