TLDR
- BitMine purchased 45,759 ETH last week for $90 million, marking its largest weekly purchase of 2026 in token terms and bringing total holdings to 4.37 million tokens worth $8.7 billion
- The company has staked over 3 million ETH (69% of holdings) generating $176 million in annualized rewards at a 2.89% yield rate
- Chairman Tom Lee compared current crypto sentiment to the market lows of 2018 and 2022, calling it a “mini-winter” despite no major player collapses
- BitMine’s share of Ethereum’s total supply reached 3.62%, while the firm raised its cash position to $670 million with total assets of $9.6 billion
- Lee highlighted tokenization, AI integrations, and proof-of-humanity infrastructure as long-term growth drivers for Ethereum at Consensus Hong Kong conference
BitMine Immersion Technologies kept buying Ethereum last week. The company picked up 45,759 ETH in its biggest weekly purchase of the year.
The haul brought BitMine’s total to 4.37 million tokens. At current prices around $1,992 per token, that’s worth $8.7 billion.
The buying spree continues despite rough market conditions. BitMine is sitting on nearly $8 billion in paper losses. The company doesn’t seem bothered.
Bitmine Immersion Technologies, Inc., BMNR
Chairman Tom Lee drew parallels to previous crypto winters. He said current sentiment reminds him of the 2018 and 2022 market bottoms.
“Investor sentiment and enthusiasm are rock bottom,” Lee stated. He noted the “forlornness and dejection” matches those earlier lows.
But Lee sees a key difference this time. No major crypto players have collapsed. The weakness stems from the October 10th “price shock” and deleveraging event.
BitMine now controls 3.62% of Ethereum’s total supply. That makes it the largest Ethereum treasury company by a wide margin.
Staking Strategy Delivers Income Stream
The company has put 3 million ETH to work through staking. That represents 69% of its total holdings.
The staking operation generates $176 million per year. The current yield sits at 2.89% annualized.
BitMine’s cash position grew to $670 million. The firm also holds a small bitcoin position and equity stakes. Its $200 million investment in Beast Industries is the largest.
Total assets reached $9.6 billion. The company operates debt-free. That gives it flexibility to keep buying during downturns.
Growth Drivers Point to Long-Term Value
Lee spoke at the Consensus Hong Kong conference last week. He outlined three pillars for Ethereum’s future growth.
Tokenization is gaining traction in traditional finance. AI integrations are creating new use cases. Proof-of-humanity infrastructure is developing.
“The price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” Lee said.
He positioned BitMine alongside MicroStrategy as dominant digital asset treasuries. BitMine focuses on Ethereum while MicroStrategy concentrates on Bitcoin.
The company has outperformed Ethereum’s price movements since mid-2025. Lee credits four strategic pillars for this edge.
BitMine maximizes staking yields through active management. It invests in moonshot ventures like Beast Industries. The firm is productizing its platform and bridging traditional and decentralized finance.
Lee argued that Bitcoin and Ethereum remain strong long-term stores of value. He believes Ethereum is approaching a potential bottom. Wall Street blockchain adoption could drive the next leg up.
The most recent analyst rating on BitMine stock is a Buy with a $39 price target. The stock trades with an average daily volume of 47.7 million shares. Current market cap stands at $9.53 billion.
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