Bitmine Immersion Technologies, an Ethereum treasury company, has bought another 71,672 ETH for nearly $154 million. This purchase, made while Ethereum prices are still low, shows the company’s strong long-term belief in the cryptocurrency.
Bitmine Chairman Tom Lee confirmed the purchase and called Ethereum’s recent drop below $2,200 a good opportunity for long-term investors.
After this buy, Bitmine now holds about 5.28 million ETH, worth over $11 billion. The company controls around 4.4% of Ethereum’s circulating supply, making it one of the largest institutional ETH holders in the world.
Bitmine said that almost 89% of its Ethereum reserves are staked. In total, the company has staked about 4.71 million ETH, earning regular yield while still holding the asset.
The latest purchase came soon after Tom Lee suggested Bitmine might slow its ETH buying. Instead, the company sped up, buying much more than the previous week’s 26,000 ETH.
Lee also connected Ethereum’s recent weakness to rising oil prices, saying ETH now moves in the opposite direction of crude oil. He believes that if oil prices fall, Ethereum could recover.
Even with the new purchases, Bitmine’s stock, BMNR, fell over 6% in early U.S. trading and is down nearly 19% for the month. Ethereum also traded lower, near $2,100 in the latest session.
Still, Lee is optimistic about Ethereum’s long-term future. He recently mentioned the proposed CLARITY Act in the U.S. as a possible game-changer for crypto, saying clearer rules could bring more institutions into blockchain finance.
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BitMine provided its latest holdings update for May 18, 2026$13.1 billion in total crypto + “moonshots”:
– 5,278,462 ETH at $2,191 per ETH (@coinbase)
– 202 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $83 million…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) May 18, 2026
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