BitMine Immersion Technologies, a prominent firm holding Ethereum, recently made its largest purchase of ETH in 2026, acquiring 126,971 ETH valued at approximately $214 million.
This significant acquisition comes as the firm perceives a "strengthening case" for Ethereum, particularly following the AI-assisted identification of a flaw in the privacy protocol Zcash. The uncertainty regarding the potential exploitation of this vulnerability resulted in a 40% drop in Zcash’s ZEC token last week, although it has since regained some of its value.
According to BitMine Chairman Tom Lee, the widespread selloff in the cryptocurrency market is a "superficial take." (It’s worth noting that Lee is an investor in the parent company of Decrypt, Dastan).
Lee remarked, "AI systems will uncover flaws in both centralized financial services and weak decentralized protocols. We believe this actually enhances the use case and market fit for robust decentralized blockchains like Ethereum."
In the past 24 hours, Ethereum's price has increased by about 4%, yet it has still dropped nearly 15% over the past week, trading around $1,686 at present.
Lee further stated, "We believe ETH prices should not be under pressure."
With this latest acquisition, BitMine’s Ethereum treasury has grown to 5,543,872 ETH, approximately worth $9.3 billion. About 85% of this total is currently staked through its Made-in-America Validator Network (MAVAN), yielding projected annual staking revenues of around $230 million.
If the entire balance were staked, projections indicate an annual revenue of around $270 million, as per Lee's estimates.
Last week, Ethereum hit its lowest price in over a year, dropping to around $1,522 late Friday before rebounding over the weekend. This recent decline has deepened BitMine's unrealized losses, with its Ethereum treasury now approximately $9.7 billion underwater, based on data from DropsTab.
Additionally, BitMine revealed plans to issue a preferred share that will offer a 9.5% annual dividend, following the model of the $54 billion Bitcoin treasury firm Strategy. The offering has been increased to 3.5 million shares priced at $80 each, with expectations to raise about $274 million after fees to support further ETH acquisitions and other business initiatives.