TLDR
- Bitmine bought 111,942 ETH last week for around $237 million — its largest single purchase of 2026.
- The firm now holds nearly 5.4 million ETH, equal to about 4.47% of Ethereum’s circulating supply.
- Chairman Tom Lee said the ETH dip below $2,200 was the trigger for the accelerated buying.
- Bitmine has staked over 4.7 million ETH through its MAVAN platform, generating an estimated $276 million in annualized staking revenue.
- BMNR stock rose roughly 3.3% on Tuesday; the firm expects a liquidity boost when it joins the Russell 1000 index next month.
Bitmine Immersion Technologies (BMNR) Stock Jumps After Firm Makes Largest ETH Buy of 2026
Bitmine Immersion Technologies, Inc., BMNR
Bitmine Immersion Technologies made its largest Ethereum purchase of the year last week, picking up 111,942 ETH worth roughly $237 million. That’s a big move for a company that had just told the market it was planning to slow down its buying pace.
BMNR stock climbed about 3.3% on Tuesday, recently trading at $19.51. Despite the day’s gains, the stock is down nearly 12% over the past month and more than 38% over the past six months.
Chairman Tom Lee announced the purchase in a statement on Monday. He pointed to ETH’s slide from around $2,400 in April and early May down to near $2,100 as the reason for stepping back in.
“We view the recent pullback of ETH to below $2,200 as an attractive opportunity,” Lee said.
The timing stands out. Just weeks earlier, at Consensus 2026 in Miami, Lee had told the audience that the firm intended to slow its weekly ETH accumulation so it wouldn’t hit its 5% supply target too fast.
The latest purchase pushed Bitmine’s total holdings to 5,390,404 ETH, putting it at roughly 4.47% of the circulating supply — more than 88% of the way to that 5% goal.
Lee said the firm expects to cross that threshold “sometime in 2026.”
A Staking Machine
Bitmine isn’t just holding Ethereum — it’s putting most of it to work. The firm has staked more than 4.7 million ETH, or about 87% of its total holdings, through its own validator platform, the Made in America Validator Network (MAVAN).
Based on current staking numbers, the firm projects annualized staking revenue of more than $276 million.
Total crypto and cash holdings sit at $12.3 billion. Bitmine also holds 203 Bitcoin, $444 million in cash, and equity positions in Beast Industries and Eightco Holdings.
Russell 1000 Addition Could Drive More Buying
One near-term catalyst Lee flagged is Bitmine’s upcoming addition to the Russell 1000 index, which tracks the 1,000 largest US companies. The inclusion is expected next month.
Lee suggested passive index funds and ETFs that track the Russell 1000 could generate a wave of automated buying in BMNR when rebalancing takes effect.
Ethereum itself slipped about 2% in the past 24 hours, trading around $2,078 on Tuesday. The token remains roughly 58% below its all-time high of $4,946, reached in August.
Lee noted in the statement that Bitmine expects crypto broadly to benefit from what he described as a “supercycle” driven by Wall Street tokenization and agentic AI adoption.
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