Bitmine Immersion has made its most significant Ethereum purchase of the year, acquiring 111,942 ether last week for approximately $237 million, as it seeks to capitalize on ETH's decline below $2,200.

Key Points:

  • Bitmine Immersion's recent acquisition brings its total ether holdings to nearly 5.4 million tokens, making it the largest purchase since December.
  • Tom Lee, the chairman, indicated that the company is accelerating its buying strategy to leverage the recent drop in ether prices and aims to control 5% of the total supply by late 2026.
  • Currently, Bitmine holds $12.3 billion in assets, including more than 4.7 million ETH staked, generating approximately $276 million in annualized revenue from staking.

Bitmine Immersion (BMNR), led by chairman Tom Lee, has significantly increased its purchasing activity, marking its largest acquisition since December.

On Monday, the firm announced it had bought 111,942 ether (ETH) last week, valued at around $237 million based on current market conditions. This purchase elevates its total ether holdings to close to 5.4 million ETH, representing roughly 4.47% of Ethereum's circulating supply.

This transaction reflects a renewed buying momentum for Bitmine following Lee's earlier statement in May at Consensus 2026 in Miami, where he mentioned a planned slowdown in their weekly purchases. The company is now looking to take advantage of the decline in ETH prices from about $2,400 in early May to approximately $2,100.

Lee commented, "We continue to steadily acquire ETH. We view the recent pullback of ETH to below $2,200 as an attractive opportunity."

He further noted the firm's ambition to secure 5% of ether's total supply by the end of 2026.

As per the report, Bitmine's total crypto and cash assets amount to $12.3 billion, which includes 203 bitcoin and $444 million in cash alongside equity investments in companies like Beast Industries and Eightco Holdings.

Additionally, the firm has staked over 4.7 million ETH, which accounts for roughly 87% of its holdings, yielding an annualized staking revenue of around $276 million.