Bitmine Buys 111,942 ETH in $237M Purchase, Eyes 5% Supply Target

• Bitmine bought 111,942 ETH worth more than $237M, marking its largest purchase of 2026.
• The company now holds roughly 5.39M ETH, equal to about 4.47% of the circulating supply.
• Chairman Tom Lee said Bitmine expects a crypto and ETH “supercycle” driven by tokenization.

Bitmine Immersion Technologies made its biggest Ethereum purchase of 2026 after buying 111,942 ETH during last week’s pullback in crypto markets. The purchase was worth more than $237 million based on Ethereum’s recent trading range near $2,100.

The move pushed Bitmine’s total holdings to roughly 5.39 million ETH, giving the company control of about 4.47% of Ethereum’s circulating supply of 120.7 million coins.

Chairman Tom Lee said the company viewed ETH trading below $2,200 as an attractive accumulation zone despite continued market weakness.

Ethereum has traded between roughly $2,025 and $2,147 over the past week and remains down more than 58% from its August 2025 all-time high near $4,946.

Lee said Bitmine still expects a long-term crypto “supercycle” driven by Wall Street tokenization and AI-related blockchain demand.

Bitmine has become the largest public Ethereum treasury company following months of aggressive accumulation.

The company said it is now nearly 89% of the way toward its long-term goal of controlling 5% of Ethereum’s total circulating supply. To hit that threshold, Bitmine still needs roughly 644,000 additional ETH.

Lee previously signaled that the company would slow its buying pace after acquiring more than 100,000 ETH weekly for three consecutive weeks earlier this year. The latest purchase showed Bitmine is still willing to scale aggressively during corrections.

The strategy mirrors the treasury accumulation model popularized by Michael Saylor in Bitcoin markets, but focused entirely on Ethereum.

Bitmine also expanded beyond crypto holdings. The company disclosed a $200 million position in Beast Industries and a $95 million stake in Eightco Holdings, which it described as indirect exposure to OpenAI-linked growth themes.

Unlike passive treasury firms, Bitmine is heavily integrating staking into its business model.

The company said more than 4.7 million ETH, worth over $10 billion at recent prices, is currently staked through its Made in America Validator Network (MAVAN). This equals more than 87% of Bitmine’s total Ethereum holdings.

Based on current staking yields, Bitmine estimates annualized staking revenue of around $276 million.

The company said MAVAN was initially built for internal treasury management but is now being expanded toward institutional investors and custodians looking for large-scale Ethereum staking infrastructure.

The broader Ethereum staking ecosystem also continues growing. Validator data shows more than 39.2 million ETH, or roughly 32% of the total supply, is currently staked across the network, with another 3.3 million ETH waiting in validator queues.

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