TLDR
- BitMine Immersion Technologies purchased 40,302 ETH last week for $117 million, its largest 2026 acquisition
- The company now holds 4.24 million ETH, representing 3.52% of Ethereum’s total supply
- BitMine has staked over 2 million ETH, nearly half its holdings, to generate yield
- The purchase followed shareholder approval to expand authorized share count for capital raising
- BitMine’s total crypto and cash holdings reach $12.8 billion, with anticipated annual income exceeding $400 million
BitMine Immersion Technologies dropped $117 million on Ethereum last week. The purchase marked the company’s biggest ETH acquisition of 2026.
The treasury firm added 40,302 ETH to its holdings between January 19 and January 26. At current prices, the purchase cost approximately $117 million.
BitMine now controls 4.24 million ETH tokens. That’s 3.52% of Ethereum’s entire circulating supply.
Bitmine Immersion Technologies, Inc., BMNR
The buying spree came after shareholders approved expanding the company’s authorized share count. This move gave BitMine fresh ammunition to raise capital through equity issuance.
Chairman Tom Lee had warned earlier in January that purchases might slow without new authorization. The shareholder vote cleared that roadblock.
BitMine’s total holdings now include $12.8 billion in crypto and cash. The company also holds 193 bitcoin, $682 million in cash, stakes in Eightco Holdings, and a $200 million investment in Beast Industries.
Staking Strategy Generates Income
BitMine has now staked over 2 million ETH. That’s nearly half of its total Ethereum holdings.
The staking strategy turns idle tokens into income-generating assets. BitMine expects to earn more than $400 million in annual pre-tax income from its ether holdings.
The company currently works with three staking providers. But BitMine plans to launch its own validator network called Made in America Validator Network (MAVAN) in early 2026.
When fully staked, BitMine anticipates earning over $1 million per day in staking rewards. The firm’s rapid staking activity has contributed to congestion on the Ethereum network.
Wait times to become a new validator have stretched to 54 days. That’s up from typical wait times of a few weeks.
Stock Price Drops Despite Purchases
BMNR shares fell 3.3% on Monday. The stock has dropped more than 10% over the last five trading days.
Shares recently traded at $27.82. The decline comes despite the company’s aggressive accumulation strategy.
Ethereum itself is down 0.6% in the last 24 hours. ETH currently trades at $2,908.
That’s more than 40% below Ethereum’s August all-time high of $4,946. Bitcoin has outperformed Ethereum recently, dropping only 5.5% compared to ETH’s 9.5% decline.
Lee remains optimistic about Ethereum’s long-term prospects. He pointed to growing institutional adoption and real-world asset tokenization.
“Ethereum remains the most widely used by Wall Street today, and most reliable blockchain with zero downtime since inception,” Lee said. He referenced commentary from financial leaders at last week’s World Economic Forum in Davos.
Lee views 2026 as the year policymakers recognize digital assets as central to the financial system. The ETHBTC ratio has been climbing since mid-October, though it dipped slightly last week.
BitMine now holds more than 3.5% of Ethereum’s entire circulating supply. The firm’s staked ETH holdings total 2,009,267 tokens, worth approximately $5.8 billion.
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