Tom Lee's BitMine Makes Biggest Ethereum Buy So Far in 2026, Hitting 5 Million ETH Milestone
In a notable development, BitMine Immersion Technologies has achieved a significant milestone in its Ethereum accumulation strategy, with its largest weekly purchase of the year. As of now, the company's Ethereum holdings exceed 5 million, with a valuation of approximately $11.75 billion. This substantial acquisition is a testament to the company's commitment to increasing its Ethereum reserve, which has been steadily growing over the past 10 months.
According to recent data, BitMine Immersion Technologies has added 101,901 Ethereum to its treasury, surpassing the previous week's acquisition of 101,627. Notably, this week's purchase included a sizable over-the-counter transaction of 10,000 Ethereum from the Ethereum Foundation, which was announced on Friday. The company's total Ethereum holdings now stand at 5,078,386, marking a major accomplishment in its pursuit of acquiring 5% of the total Ethereum supply.
Tom Lee, Chairman of BitMine, expressed his enthusiasm for this milestone, highlighting the remarkable pace of accumulation. Lee noted that reaching the 5 million mark in just 10 months is a significant achievement, demonstrating the company's dedication to its Ethereum strategy. It is worth noting that Lee has an investment stake in Dastan, the parent company of an editorially independent media outlet.
In terms of market performance, Ethereum has experienced a 16% increase over the past 30 days, according to data from CoinGecko. This uptrend is likely attributed to the renewed investor confidence in risk assets, following the Middle East ceasefire. However, despite this recent growth, Ethereum remains more than 50% below its all-time high of $4,946, which was reached in August last year. At its current price of $2,315, Ethereum is roughly flat over the past week.
Despite the substantial decline from its peak, Lee remains optimistic about Ethereum's prospects, citing recent research reports that highlight its potential as a "store of value" and its increasing use as collateral in financial transactions. According to Lee, Ethereum's outperformance since the Iran War commenced, with a 1,696 basis point lead over the S&P 500, demonstrates its growing importance in the digital asset landscape.
Meanwhile, BitMine's stock (BMNR) has experienced a slight decline, dropping 0.3% to $22.08 since the opening bell. Nevertheless, the company's significant Ethereum acquisition is likely to have a positive impact on its long-term prospects, as it continues to solidify its position as a leading Ethereum treasury firm.