BitMine Buys $117M in Ethereum: Now Owns 3.52% of Total Supply

Tom Lee's BitMine Immersion Technologies just made its biggest Ethereum purchase of 2026—and it's a massive bet on ETH's future.

The company announced Monday it bought 40,302 ETH last week for approximately $117 million, bringing its total holdings to 4.24 million ETH. That's 3.52% of Ethereum's entire circulating supply.

The Numbers Are Staggering

BitMine now holds more Ethereum than any other publicly traded company. With 4,243,338 ETH valued at roughly $12.05 billion at current prices, the firm has built the world's largest corporate Ethereum treasury.

The purchase came after shareholders approved expanding the company's authorized shares in January, giving BitMine fresh capital to continue its aggressive accumulation strategy.

"In the past week, we acquired 40,302 ETH," said Tom Lee, BitMine's Chairman and co-founder of Fundstrat Global Advisors. "Ethereum's price ratio to Bitcoin has been steadily climbing since mid-October. This reflects investors recognizing tokenization and other use cases being developed by Wall Street are being built on Ethereum."

Staking Generates Over $1 Million Daily

BitMine isn't just holding Ethereum—it's putting it to work. The company has now staked over 2 million ETH (worth $5.7 billion), generating substantial passive income.

At current staking rates, BitMine expects to earn more than $374 million annually in staking rewards. That's over $1 million per day.

The firm is working with three staking providers while developing its own infrastructure called the Made in America Validator Network (MAVAN), set to launch in early 2026.

Chasing the "Alchemy of 5%"

BitMine's aggressive buying isn't random. The company has a clear goal: own 5% of all Ethereum.

At 3.52% of the total supply, BitMine is already 70% of the way there. If it reaches 5%, the company would control one of every 20 ETH tokens in existence.

Lee has been vocal about his bullish Ethereum thesis. Earlier this month, he called ETH "dramatically undervalued" and predicted it's entering a supercycle similar to Bitcoin's run from 2017 to 2021.

Buying While Others Sell

The timing of this purchase is notable. While crypto investment funds saw $1.73 billion in outflows last week—the largest since November 2025—BitMine went the opposite direction.

Ethereum dropped nearly 10% over the same period, but BitMine viewed the dip as a buying opportunity.

This mirrors the strategy of MicroStrategy (now Strategy) with Bitcoin. Both companies buy aggressively during market downturns, betting on long-term appreciation.

Wall Street Is Building on Ethereum

BitMine's conviction stems from institutional adoption. Lee pointed to the Ethereum Foundation's list of 35 major financial institutions building on Ethereum in recent months, including BlackRock's tokenized credit products.

"We view 2026 as the year policymakers and world leaders now view digital assets as central to the future of the financial system," Lee stated in Monday's announcement.

The company's total crypto and cash holdings now stand at $12.8 billion, including 193 Bitcoin, $682 million in cash, and strategic investments totaling $219 million.

BitMine stock (NYSE: BMNR) has become one of the most traded in the US, averaging $1.2 billion in daily volume and ranking #91 among all US-listed stocks.

References

CoinDesk - "BitMine, the largest Ethereum treasury firm, makes biggest ether purchase of 2026"
PRNewswire - "Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 4.243 Million Tokens"
Yahoo Finance - "BitMine Makes Largest 2026 Ethereum Purchase, Hits 3.52% Supply"
CoinMarketCap - Ethereum price data and circulating supply statistics
Ethereum Foundation - Institutional builders on Ethereum:
Investing News - "Stay Updated on Crypto: Latest Insights on Bitcoin, Ethereum, and Altcoins"