Tom Lee said slow down. Bitmine went the other way.
Bitmine Immersion (BMNR), the Ethereum treasury firm helmed by chairman Tom Lee, ramped up purchases again, making its biggest haul since December. The company bought 111,942 ether last week, worth around $237 million at current prices.
That's not a modest accumulation. That's a deliberate, aggressive move into weakness, and it came despite Lee himself suggesting earlier in May that the firm intended to slow its weekly buying pace.
Why the Sudden Reversal?
The answer is simple: price.
The shift happened as the firm aimed to take advantage of ETH sliding from $2,400 in early May and April to near $2,100.
Lee put it plainly in the company's statement. "We continue to steadily acquire ETH. We view the recent pullback of ETH to below $2,200 as an attractive opportunity."
When your core strategy is long‑term accumulation, a price dip isn't a warning sign. It's an invitation to buy more. Bitmine clearly took that invitation seriously.
How Much ETH Does Bitmine Now Hold?
The latest purchase pushes Bitmine into genuinely significant territory on the Ethereum network.
The purchase lifted the firm's holdings to almost 5.4 million ETH, about 4.47% of Ethereum's circulating supply.
That's a remarkable concentration for a single corporate treasury. The company has been methodically building toward a stated target of controlling 5% of Ethereum's entire circulating supply, and it's now within striking distance.
Lee added that the firm is expected to reach its goal to corner 5% of ether's supply later in 2026.
The Staking Revenue Angle
Bitmine isn't just sitting on its ETH. A substantial portion is actively working.
The firm has staked more than 4.7 million ETH, about 87% of its holdings, generating approximately $276 million in annualised staking revenue.
That's a meaningful income stream that most corporate treasury strategies simply can't replicate. Unlike Bitcoin, which generates no yield, staked ETH produces ongoing returns that compound alongside any price appreciation.
The Full Balance Sheet Picture
Ethereum dominates Bitmine's portfolio, but it isn't the only asset.
Bitmine's total crypto and cash holdings stand at $12.3 billion. The company also holds 203 bitcoin, $444 million in cash, and equity stakes including investments in Beast Industries and Eightco Holdings.
That $12.3 billion figure makes Bitmine one of the largest crypto treasury operations in the world, rivalling Strategy in scale, though its bet sits firmly on Ethereum rather than Bitcoin.
A Clear Signal of Conviction
What this week's purchase really signals is conviction. When prices fall, most investors hesitate. Bitmine accelerated.
The strategy mirrors what Strategy's Michael Saylor built around Bitcoin, systematic, aggressive accumulation with a long‑term thesis that short‑term price volatility is noise. The difference is that Bitmine's thesis is built around Ethereum's staking yield and network utility rather than Bitcoin's fixed supply narrative.
At 4.47% of circulating supply and growing, Bitmine is quietly becoming one of the most powerful holders in the entire Ethereum ecosystem. And it's not done yet.
