BitMine Immersion Technologies just scooped up 111,942 ether — worth about $238 million at the time — during this month's market dip. It's the company's biggest Ethereum purchase since December 2025, and it pushes BitMine's total stash to 5,390,404 ETH, or roughly 4.47% of the entire circulating supply. Chairman Tom Lee says the firm is aiming for 5% by the end of 2026.
Why BitMine keeps buying
Lee told investors the firm expects to reach that 5% threshold sometime this year, driven by what he called Wall Street tokenization and agentic-AI demand. BitMine's crypto and cash holdings now total $12.3 billion, with the bulk of its ETH — 4,712,917 tokens worth about $10.1 billion — staked. At a 2.75% yield, that stake earns the company an estimated $276 million annually in rewards. The timing of the buy — during a dip — fits a pattern: BitMine has been a consistent accumulator, and this is its largest single Ethereum purchase in six months.
The technical picture
Not everyone is bullish right now. Analyst Ali Martinez warned that Ethereum faces a bearish scenario if it closes a weekly candle below $1,850. That level, he said, is roughly the 0.8 MVRV Pricing Band, and historically such drops don't last — they've represented a macro accumulation window. To invalidate the bearish outlook, ETH needs to reclaim the 200-week SMA near $2,500 and the 50-week SMA around $3,100. The current price sits at $2,134, well below those moving averages, making the next few weeks critical.
BitMine's other bets
BitMine isn't a one-token shop. Beyond its massive ETH position, the company holds 203 Bitcoin, a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings, and $444 million in cash. The diversified balance sheet gives it room to keep buying — assuming the market stays soft enough to offer dips and Lee's conviction holds.
The key number to watch now: the weekly ETH close. If it stays above $1,850, the bearish trigger stays off. If it slips, things could get interesting fast. BitMine, meanwhile, is betting big that the 5% mark is just a milestone, not a ceiling.
