Bitmine buys ETH again, adding 52,203 tokens last week. The largest Ethereum treasury company continues accumulating, though it has slowed its pace.
According to Bitmine Immersion Technologies (BMNR), the purchase was worth roughly $92 million based on ETH′s current price of around $1,760. Consequently, the company’s holdings now stand at 5.67 million ETH. That stash is now worth nearly $10 billion and represents 4.7% of Ethereum’s circulating supply.
Why Bitmine buys ETH on the road to 5%
The latest acquisition was smaller than the previous week’s and the week before. Nevertheless, Bitmine remains on pace to reach its long-standing goal of acquiring 5% of Ethereum’s supply later this year. The company stated that it is now 94% of the way toward that target.
“We continue to maintain a steady pace of accumulation throughout 2026,” Bitmine Chairman Thomas “Tom” Lee said in a statement.
The company is also expanding the financing toolkit supporting that strategy. For example, Bitmine issues dividend-paying preferred shares despite pressure on similar products by bitcoin-centric firms like Strategy (MSTR). Earlier this month, Bitmine raised roughly $274 million through the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock. These preferred shares, which trade on the NYSE under the ticker BMNP, pay weekly cash dividends.
Lee has argued that the company’s staking operation provides recurring cash flow to support those obligations. Specifically, Bitmine currently has 4.72 million ETH staked — that is more than 83% of its holdings.
The company projects annualized staking revenue of roughly $223 million. Moreover, potential staking rewards could reach $268 million annually through its MAVAN staking platform. The firm also announced another round of scheduled dividend payments extending through August, paying $0.1847 per share.
Crypto spring outlook
Lee reiterated his view that the crypto market is in the early stages of a recovery from the downturn that began with the October 2025 liquidation shock. At Consensus Miami last month, he argued the bear market would be “definitely” over if bitcoin closed May above $76,000. Instead, BTC finished the month below $74,000 before briefly falling under $60,000 in early June.
Nevertheless, Lee said the recent pullback has not changed his broader outlook. “We believe we are in the early stages of crypto spring,” he said.
Furthermore, Lee reaffirmed his long-term bullish stance on Ethereum. He argued that growing demand from tokenization and artificial intelligence applications will drive adoption of the network in the years ahead.
