BitMine Immersion Technologies acquires $237 million in Ethereum, targeting 5% of supply
The publicly traded firm now holds 5.39 million ETH, valued at approximately $11.4 billion, as it prepares for inclusion in the Russell 1000 index next month.
BitMine Immersion Technologies, chaired by Tom Lee, has completed its largest Ethereum acquisition of 2026, purchasing 111,942 ETH valued at over $237 million last week. The transaction brings the firm’s total holdings to 5,390,404 ETH, worth approximately $11.4 billion based on Tuesday morning trading prices around $2,117. This accumulation represents 4.4% of the circulating Ethereum supply, placing the company within striking distance of its stated objective to control 5% of the token supply, a milestone Lee anticipates achieving sometime in 2026.
The acquisition marks a shift in strategy for the firm, which had recently indicated it would decelerate its buying pace to avoid reaching its supply target too rapidly. Lee justified the renewed activity by characterising Ethereum trading below $2,200 as an attractive opportunity to expand the position. He attributed the firm’s continued accumulation to an expected crypto supercycle driven by Wall Street tokenisation and agentic-AI, stating that the firm continues to steadily acquire ETH as these structural drivers take hold.
BitMine is actively deploying the majority of its holdings through its Made in America Validator Network (MAVAN). The firm stakes over 4.7 million ETH, representing nearly $10 billion in assets, and projects annualised staking revenues exceeding $276 million. This industrial staking approach allows the company to generate yield on its treasury assets while maintaining its position as one of the largest corporate holders of the second-largest cryptocurrency by market capitalisation.
Market reaction to the announcement was positive in the short term, with BitMine shares (BMNR) rising 3.3% following the disclosure. However, the stock has declined nearly 12% over the previous month and more than 38% over the last six months of trading. The firm is anticipating a significant liquidity injection upon its scheduled inclusion in the Russell 1000 index next month, an index tracking the 1,000 largest US companies. Lee has previously suggested that passive index funds and exchange-traded funds may generate automated demand for the shares as a result of this inclusion.
Ethereum itself has faced downward pressure, dropping 2% in the last 24 hours to trade around $2,078 and falling more than 11% over the past month. The asset remains approximately 58% below its all-time high of $4,946 set in August. Despite the broader market volatility, BitMine’s strategic focus remains on accumulating supply at current valuations, leveraging its validator network to capitalise on staking yields while positioning for long-term institutional adoption trends.
