Tom Lee's BitMine Makes Biggest Ethereum Buy So Far in 2026, Hitting 5 Million ETH Milestone

2 weeks ago 16

In brief

BitMine Immersion Technologies made it biggest play Ethereum acquisition truthful acold successful 2026.
The institution present holds implicit 5 cardinal ETH, valued astir $11.75 billion.
Ethereum's terms has climbed 16% implicit the past month, but remains down much than 50% from its 2025 peak.

BitMine Immersion Technologies, the apical Ethereum treasury steadfast by full holdings, said Monday that it made its largest play acquisition truthful acold successful 2026, pushing its full Ethereum stash past the 5 cardinal mark.

The institution added 101,901 ETH implicit the past week, edging retired the previous week's haul of 101,627 ETH to fertile arsenic the firm's largest play ETH bargain truthful acold this year. Last week's full included a 10,000 ETH over-the-counter purchase from the Ethereum Foundation, which announced the merchantability connected Friday.

All told, the institution present holds 5,078,386 ETH, presently valued astir $11.75 billion.

"This is simply a large milestone arsenic the institution moves towards acquiring 5% of the ETH supply," said BitMine Chairman Tom Lee, successful a statement. "And this gait of accumulation is astonishing, taking lone 10 months to scope 5 million." (Disclosure: Lee is an capitalist successful Dastan, the genitor institution of an editorially independent Decrypt.)

Ethereum is astir level implicit the past week, precocious trading astatine $2,315, though it has risen astir 16% implicit the past 30 days per information from CoinGecko arsenic a Middle East ceasefire has fixed investors much assurance successful handling hazard assets.

Still, the second-largest cryptocurrency by marketplace headdress remains much than 53% disconnected its all-time precocious people of $4,946 acceptable past August, astir the clip that BitMine started amassing ample amounts of ETH. Even with the sizable decline, Lee said that he's assured that the tide is turning connected the slump.

"Several caller probe reports, including the latest probe by Etherealize, reason ETH is simply a 'store of value' and volition beryllium held arsenic collateral arsenic integer assets are progressively utilized successful fiscal transactions," said Lee, successful a statement. "This caller relation for ETH has arguably been demonstrated by its outperformance since the Iran War commenced. ETH has outperformed the S&P 500 by 1,696 ground points since the warfare started and remains the azygous champion performing plus successful the satellite (beside crude lipid prices)."

BitMine's banal (BMNR) is down somewhat connected the time since the opening bell, dipping 0.3% to a caller terms of $22.08.