Key Highlights
- Bitmine bought 111,942 ETH worth $237 million, marking its biggest purchase since December and increasing total holdings to about 5.39 million ETH.
- The company now holds $12.3 billion in crypto, cash, and investments, including Bitcoin, cash reserves, and equity stakes in private and listed firms.
- Bitmine has staked over 4.7 million ETH, earning about $276 million annually, while continuing its goal to reach 5% of the total Ethereum supply by 2026.
Bitmine Immersion Technologies, an Ethereum-focused treasury firm led by chairman Tom Lee, announced today that it made a major Ethereum purchase last week as it keeps building its long-term crypto reserve in the United States.
According to an official release, the company said it bought about 111,942 ETH worth about $237 million after Ethereum prices dropped below $2,200. The firm said it is still pushing ahead with its goal of holding 5% of the Ethereum supply.
Major ETH purchase during price dip
Bitmine said this latest purchase is its biggest since December and pushed its total holdings to about 5.39 million ETH. That is roughly 4.47% of all Ethereum in the market.
At the same time, Bitmine says its total crypto, cash, and investments are worth about $12.3 billion. This includes 203 Bitcoin, $444 million in cash, and stakes in companies like Beast Industries and Eightco Holdings valued at $200 million and $95 million.
The company also said it has staked more than 4.7 million ETH, which represents about 87% of its ETH holdings. From this staking, Bitmine says it is earning about $276 million per year based on a 2.75% return rate.
“We continue to steadily acquire ETH. We view the recent pullback of ETH to below $2,200 as an attractive opportunity.” Tom Lee said. He also said the firm still expects to reach its 5% supply goal sometime in 2026.
The latest purchase came after earlier comments in May 2026 at Consensus in Miami, where Lee said the company might slow down weekly accumulation. But instead of slowing down, the company actually increased its purchases when prices fell from about $2,400 to near $2,100.
In simple terms, Bitmine is using price drops as a chance to buy more Ethereum at cheaper levels while still working toward its long-term target.
MAVAN expansion and institutional plans
In the release, Bitmine also highlighted its growing staking operations through its MAVAN platform, which is short for Made in American Validator Network. The system was first built for internal use, but the company said it now plans to open it up to bigger investors and partners in the future. Some of Bitmine’s ETH is already staked through this system.
As of May 25, 2026, Bitmine reported it had 5.39 million ETH in total, valued at roughly $2,134 per token at the time of reporting. The company also stated it is the largest Ethereum treasury globally and ranks as the second-largest crypto treasury overall behind Strategy Inc., which holds Bitcoin.
Ethereum holds steady near $2,100
Meanwhile, Ethereum has been trading sideways for a while now. At press time, the cryptocurrency is holding steady, trading for $2,133, up 0.63% within the last 24 hours.
Long-term data shows that it is down 9% in a month, down from a high of $2,400. Its weekly chart shows that ETH is consolidating between $2,000 and $2,134, which is just a 1.6% gain so far.
However, trading activity in the last 24 hours has increased by 14% to about $11.84 billion, with its market cap sitting at $257 billion.
In short, the ETH price is not doing a lot, and Bitmine is using this opportunity to buy more of the cryptocurrency. The company has positioned itself as a long-term accumulator of Ethereum, building its strategy around market dips and staking rewards, while maintaining its goal of reaching 5% of the total ETH supply in circulation.
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