The acquisition increased the company’s total reserves to around 5.4 million ETH. Chairman Tom Lee also reiterated his bullish outlook on a potential crypto supercycle driven by institutional tokenization and artificial intelligence adoption. Bitmine still follows an aggressive accumulation strategy similar to Strategy and plans to eventually control 5% of Ethereum’s circulating supply.
Bitmine Expands Ethereum Holdings
Bitmine Immersion Technologies recently expanded its Ethereum holdings after completing its largest purchase of 2026. Chairman Tom Lee also doubled down on his belief that the crypto market is entering a new supercycle.
According to Lee, the company bought 111,942 ETH over the past week after ETH briefly dropped below the $2,200 level. He described this price dip as an attractive buying opportunity. ETH traded between roughly $2,025 and $2,147 over the last seven days, but Bitmine saw the weakness as a chance to continue aggressively increasing its exposure to the asset.
ETH’s price action over the past week (Source: CoinCodex)
Lee once again shared his long-term bullish outlook for both the overall crypto market and Ethereum specifically. He argued that a future “supercycle” could be fueled by growing institutional adoption tied to Wall Street tokenization initiatives and the rise of artificial intelligence-powered agents. According to Lee, these two trends are expected to play a huge role in driving demand for blockchain infrastructure and digital assets over the coming years.
The latest acquisition pushed Bitmine’s Ethereum reserves to about 5.4 million ETH. Bitmine has adopted a strategy similar to the Bitcoin accumulation model that was popularized by Michael Saylor and Strategy, by consistently purchasing crypto assets even during periods of market weakness.
The company’s long-term goal is to eventually control 5% of Ethereum’s total circulating supply, which currently stands at approximately 120.7 million tokens. To achieve that target, Bitmine still needs to acquire more than 644,000 ETH. Lee believes the company can reach this milestone before the end of the year.
Bitmine also started leaning more heavily into staking as part of its treasury strategy. The company reportedly staked more than $4.7 million worth of ETH and expects the move to generate annualized staking revenue of around $276 million.