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BitMine Immersion Technologies said it bought 101,901 $ETH in the past week, marking its largest Ethereum acquisition so far in 2026. The purchase lifted its total holdings to more than 5 million $ETH, reinforcing its position as the largest corporate holder of the asset.
The company’s latest accumulation comes as institutional interest in Ethereum shows early signs of recovery, with treasury firms continuing to expand exposure despite ongoing market volatility.
In a press release, the company said its Ethereum holdings now total 5,078,386 $ETH, valued at about $11.75 billion. BitMine also holds 200 bitcoin and roughly $940 million in cash, alongside equity investments, including Beast Industries and Eightco Holdings. Chairman Tom Lee said, “Bitmine $ETH holdings crossed 5 million this past week.”
Aggressive Accumulation and Market Strategy
BitMine Immersion Technologies increased its Ethereum purchases over four consecutive weeks, with last week’s acquisition exceeding its previous record of 101,627 $ETH. The company also bought 10,000 $ETH from the Ethereum Foundation through an over-the-counter transaction, indicating continued institutional activity in the market.
However, BitMine now sits on an unrealized loss of more than $6.3 billion, based on its average purchase price above $3,600 per $ETH. Meanwhile, Ethereum was trading near $2,315 despite a 16% monthly gain. The asset remains more than 50% below its prior peak, reflecting sustained pressure across the crypto market.
Staking Expansion and Institutional Outlook
BitMine Immersion Technologies keeps on building its staking ecosystem using MAVAN, an institutional network of validators. The platform has staked 3.7 million $ETH worth of $8.8 billion, accounting for around 73% of the firm’s total assets. Staking creates annual earnings of approximately $264 million.
Chairman Tom Lee projected higher returns from staking activity, estimating potential annual rewards of $363 million. He cited a 3.033% yield, slightly above the CESR benchmark rate.
Lee also pointed to structural drivers in the Ethereum ecosystem, stating, “Moreover, Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain.”
He further described Ethereum as a “wartime store of value,” linking its performance to recent geopolitical tensions. BitMine shares rose slightly to $22 following the update. However, both the stock and Ethereum remain down more than 20% year-to-date.
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