Bitmine Buys $237M in ETH Below $2,200, Nears 5% Supply Target
Bitmine Immersion Technologies bought 111,942 ETH last week, worth roughly $237 million to $238 million depending on the source, its largest purchase of the year. The buy lifts the firm's holdings to about 5.39 million ETH, or 4.47% of supply, as ETH traded below $2,200.
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The Purchase and Holdings
Bitmine Immersion Technologies bought 111,942 ether last week, its largest ETH purchase of 2026 and its biggest since December 2025, according to the company's latest update. CoinDesk put the purchase at $237 million, while NewsBTC reported roughly $238 million; the gap reflects different price points used to value the buy rather than a disagreement over the quantity of ETH acquired.
The company said it now holds about 5.39 million ETH, which NewsBTC equates to 4.47% of the 120.7 million ETH supply. Bitmine's stated goal is to control 5% of supply, and chairman Tom Lee said the firm is expected to reach that level sometime in 2026.
Timing Around the Price Dip
The buying came during a pullback that pushed ETH below $2,200. Lee described the correction as "an attractive opportunity" to add to holdings, and CoinDesk framed the purchase as an effort to take advantage of that drop, even though the company had earlier suggested it might slow its pace. NewsBTC cited Lee's view that the purchase reaffirms a bullish outlook on Ethereum.
NewsBTC valued the ETH position at $2,134 per token, and reported total crypto and cash holdings of $12.3 billion. That figure also includes 203 BTC, a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings tied to its "Moonshots" initiative, and $444 million in cash. CoinDesk's report did not include a comparable total.
Staking and Yield
NewsBTC reported that 4,712,917 ETH, worth about $10.1 billion, is currently staked. Lee said that once all holdings are staked through MAVAN and its partners, the projected annual staking reward would be $276 million, based on a 2.75% 7-day BMNR yield. That projection is the company's own estimate.
Bullish Case and Analyst Caution
Lee has argued that the "crypto winter is over" and that Ethereum could reach new highs by year-end, citing Wall Street tokenization and agentic AI as drivers. Not all market observers share that view. Analyst Ali Martinez noted on X that ETH has traded within a broad multi-year range since 2021, and that a rejection at the mid-range and the 200-week simple moving average signals weakness. He identified $1,850, near the 0.8 MVRV Pricing Band, as the key support level, with a weekly close below it likely to accelerate downside. He said ETH would need to reclaim the 200-week SMA near $2,500 and break above the 50-week SMA near $3,100 to invalidate the bearish scenario.
Why It Matters
For Traders
ETH is trading near Martinez's $1,850 support, so a weekly close below that level would be the technical signal analysts are watching for further downside.
For Investors
Bitmine's approach to accumulating ETH could reduce free float over time, but the firm's stated 5% target is a company goal and its staking yield figures are projections.
For Builders
Bitmine's large staking position through MAVAN and partners highlights how concentrated institutional stake can become, which matters for validator design and decentralization metrics.
This article is for information only and is not financial advice. Read the full disclaimer.
