Bitmine Immersion Technologies has grown its Ethereum holdings by buying nearly 112,000 ETH, worth about $237 million, during the recent price drop. The company, led by Tom Lee, said it saw Ethereum’s dip below $2,200 as a big buying chance.
With this purchase, Bitmine’s total Ethereum reserves are now about 5.39 million ETH, or nearly 4.5% of all Ethereum in circulation. The company is still aiming to control 5% of all ETH by next year.
This purchase came soon after Lee had suggested earlier this year that the company might slow its buying pace. Instead, Bitmine sped up its buying as Ethereum prices dropped from about $2,400 to near $2,100.
The company said about 87% of its ETH holdings are now staked, earning estimated annual rewards of around $276 million. Bitmine’s total assets, including crypto, investments, and cash, now top $12 billion.
Besides adding more Ethereum, the company is growing its staking infrastructure with its MAVAN validator platform, which it plans to open to institutional users later. Some of its Ethereum is already staked through this network.
Although Ethereum’s price has stayed mostly flat in recent weeks, Bitmine seems committed to a long-term accumulation plan. The company is positioning itself as a top institutional Ethereum holder and is betting on staking rewards and the growth of decentralized finance.
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BitMine provided its latest holdings update for May 26, 2026$12.3 billion in total crypto + “moonshots”:
– 5,390,404 ETH at $2,134 per ETH per ETH (@coinbase)
– 202 Bitcoin (BTC)
– $200 million stake in Beast Industries…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) May 26, 2026
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