BitMine Immersion Technologies has reported the acquisition of 111,942 ETH (approximately $232 million at the time of writing). This transaction marks the company’s largest purchase in 2026.
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BitMine provided its latest holdings update for May 26, 2026$12.3 billion in total crypto + “moonshots”:
— 5,390,404 ETH at $2,134 per ETH per ETH (@coinbase)
— 202 Bitcoin (BTC)
— $200 million stake in Beast Industries…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) May 26, 2026
As of May 25, the firm’s reserves exceeded 5.39 million ETH, representing about 4.47% of the total coin supply.
BitMine has valued its total crypto assets, cash, and venture investments at $12.3 billion, including 202 BTC.
The company’s chairman, Tom Lee, described the drop in ETH below $2200 as an “attractive opportunity” to increase their position. He also reiterated the approaching “supercycle” in the crypto market and Ethereum.
Among the drivers, Lee pointed to the tokenization of assets on Wall Street and the development of autonomous AI agents.
Effective Management
BitMine not only accumulates Ethereum but also stakes its assets. The company locks a significant portion of its holdings in the second-largest cryptocurrency by market capitalization—currently around 4.71 million ETH.
According to the firm’s calculations, the potential annual revenue from staking could reach $276 million, with a yield of 2.75% per annum over the past seven days. However, this forecast is accompanied by a disclaimer about risks and uncertainties.
The company confirmed its goal to increase its share of Ethereum to 5% of the total supply. To achieve this, BitMine needs to acquire approximately 644,596 more ETH.
Earlier in May, the co-founder of Bankless sold part of his Ethereum portfolio, expressing doubts about the asset’s overvaluation.