BitMine Buys 101,901 ETH, Surpassing 5 Million Ether in 2026

BitMine Immersion Technologies (BMNR) accelerated its Ethereum accumulation in 2026, buying 101,901 ETH worth roughly $234 million last week and pushing its total Ethereum stash past the 5 million mark.

“Bitmine's ether buys are catching up to Strategy's bitcoin accumulation pace Bitmine bought $234 million of ether in its largest weekly purchase this year, closing in on Strategy's regular bitcoin buys once the firm's STRC-fueled spikes are stripped out”

@coindesk

CoinDesk reported that the purchase was Bitmine’s “largest weekly purchase this year,” bringing its weekly crypto purchases close to the typical $200 million to $300 million that Strategy spends on bitcoin.

@coindesk

CoinDesk also said Bitmine now holds more than 5 million ether, or roughly 4.21% of the cryptocurrency’s circulating supply, and has staked about 73% of those tokens to generate an estimated $264 million in annualized yield.

Decrypt added that BitMine “added 101,901 ETH over the last week,” edging out the previous week’s haul of 101,627 ETH to rank as the firm’s largest weekly ETH buy so far this year.

Decrypt further reported that the last week’s total included a “10,000 ETH over-the-counter purchase from the Ethereum Foundation,” which announced the sale on Friday.

Decrypt put BitMine’s total holdings at 5,078,386 ETH, “currently valued around $11.75 billion,” and quoted Tom Lee calling it “a major milestone as the company moves towards acquiring 5% of the ETH supply.”

Coin Academy framed the scale differently, saying BitMine bought 51,162 additional ETH last week (about $98 million at current prices), bringing its total holdings to more than 4.42 million ETH, or 3.66% of the circulating supply.

The reporting ties BitMine’s ETH buying pace to Strategy’s bitcoin accumulation, but the sources describe how the comparison is made and what counts as the baseline.

CoinDesk said Bitmine’s $234 million purchase was “closing in on Strategy's regular bitcoin buys once the firm's STRC-fueled spikes are stripped out,” and it described Strategy’s normal weekly buys as “around $200 million to $300 million.”

bloomingbit

CoinDesk also identified the STRC spikes as “massive bursts” that appear “in mid-January, late February, late March and, most recently, April 21 at $2.54 billion,” calling them “the outliers, not the baseline.”

CoinCentral similarly said Bitmine’s latest transaction “approached the $200 million to $300 million range that Strategy typically deploys for bitcoin,” and it described Strategy’s largest 2026 purchase as occurring on “April 21, when Strategy acquired $2.54 billion in bitcoin.”

Bloomingbit echoed the weekly range, saying BitMine’s weekly purchase volume “has reached about $200 million to $300 million,” and it attributed the expectation to CoinDesk’s April 28 reporting.

Decrypt added a specific milestone framing, quoting Tom Lee: “This is a major milestone as the company moves towards acquiring 5% of the ETH supply,” and it said the pace “taking only 10 months to reach 5 million.”

CoinDesk also described the ramp-up, saying Bitmine’s purchase was part of a “four-month streak of escalating buys that started at roughly $76 million per week in early January.”

CoinDesk further claimed that “BitMine is now the only major corporate crypto buyer keeping pace alongside Strategy,” while it said most other treasury companies “paused or slowed accumulation through the February price drop that took bitcoin to the mid-$60,000s and ether below $1,900.”

Beyond the headline purchases, the sources emphasize how BitMine finances its accumulation through staking and how it has continued buying despite large unrealized losses.

“Tom Lee doesn't back down”

Coin Academy

CoinDesk said Bitmine “has staked about 73% of those tokens to generate an estimated $264 million in annualized yield,” and it added that “Total crypto and cash holdings sat at $13.3 billion as of early April.”

Coin Academy reported staking revenue and portfolio details, saying BitMine “claims $171 million in annualized staking revenue from staking more than 3 million ETH,” and it listed additional holdings including “193 BTC, $691 million in cash,” plus stakes in “Beast Industries ($200 million) and Eightco Holdings.”

Coin Academy also described the drawdown, stating “$16.4 billion invested, $8 billion in unrealized losses,” and it said “Unrealized losses exceed $8 billion.”

CoinDesk similarly said BitMine’s strategy was “put under pressure in February and early March, when it was sitting on nearly $8 billion in unrealized losses against $16 billion in total purchases,” but it said “The firm kept buying.”

Decrypt provided another valuation snapshot, saying BitMine’s ETH holdings were “currently valued around $11.75 billion,” and it reported that Ethereum was “roughly flat over the last week,” trading at “$2,315,” while it had “risen about 16% over the last 30 days.”

Coin Academy tied the market context to a “mini crypto winter,” saying “Amid this 'mini crypto winter', we continue to methodically execute our treasury strategy and acquire ETH while optimizing the yield on our holdings.”

CoinDesk also said Lee’s framing for the buying pace is that ETH is in the late stages of a “mini-crypto winter” and that “a bottom is forming in equity markets,” linking the treasury strategy to broader market expectations.

Several of the sources connect BitMine’s steady buying to a potential shift in how Ethereum supply and demand behave, describing BitMine as a “constant buyer” that continues accumulating “regardless of price.”

Bloomingbit said “Industry participants say BitMine is establishing itself as a constant buyer that continues accumulating Ethereum regardless of price,” and it framed the implication as “expectations that the token could develop a supply-demand structure more akin to Bitcoin’s.”

CoinCentral

CoinDesk similarly argued that “Such a structural development matters because BitMine is now the only major corporate crypto buyer keeping pace alongside Strategy,” and it said that if the pattern holds, ether would have “a Strategy-equivalent corporate buyer absorbing supply each week regardless of price.”

CoinCentral echoed the “almost at parity” framing, saying Bitmine’s weekly purchase size is “almost at parity with Saylor's normal weekly buys” when STRC-fueled spikes are ignored, and it described the “mini-crypto winter” context with Tom Lee’s view that “a bottom is forming” in equity markets.

Decrypt added a longer-horizon narrative by quoting Tom Lee’s statement that “Several recent research reports, including the latest research by Etherealize, argue ETH is a 'store of value' and will be held as collateral as digital assets are increasingly used in financial transactions.”

In the same Decrypt quote, Lee said, “This new role for ETH has arguably been demonstrated by its outperformance since the Iran War commenced,” and he claimed ETH “has outperformed the S&P 500 by 1,696 basis points since the war started.”

CoinDesk also described the corporate playbook, saying “Strategy through preferred stock and convertible debt, Bitmine through equity issuance — to purchase crypto assets,” and it said BitMine pivoted to its current strategy in “June 2025.”

CoinDesk’s account of timing and scale included that BitMine “reached the 5 million ETH milestone in roughly 10 months,” tying the accumulation pace to a specific milestone timeline.

The sources also describe what BitMine says it will do next and how its treasury strategy is being operationalized through reporting and portfolio management.

“Bitmine's ether buys are catching up to Strategy's bitcoin accumulation pace Bitmine bought $234 million of ether in its largest weekly purchase this year, closing in on Strategy's regular bitcoin buys once the firm's STRC-fueled spikes are stripped out”

CoinDesk

CoinDesk said BitMine “said it plans to issue regular third-party reports,” and it described the firm’s accumulation as part of a broader capital markets approach that includes “Strategy through preferred stock and convertible debt, Bitmine through equity issuance — to purchase crypto assets.”

CoinDesk

CoinDesk also reported that “The firm added 114 BTC to its corporate treasury, for a total of 8,997 BTC,” and it said the company planned to issue regular third-party reports, while noting that “Adding in customers' holdings, a proof-of-reserves report shows the payments company is responsible for a total of 28,355 BTC, worth about $2.2 billion.”

Decrypt, meanwhile, focused on the ETH milestone and quoted Tom Lee’s statement that “This is a major milestone as the company moves towards acquiring 5% of the ETH supply,” while also noting that BitMine’s stock (BMNR) was “down slightly on the day since the opening bell, dipping 0.3% to a recent price of $22.08.”

Coin Academy emphasized the ongoing commitment to the treasury strategy despite the drawdown, quoting Tom Lee’s stance that “we continue to methodically execute our treasury strategy and acquire ETH while optimizing the yield on our holdings.”

It also tied the stakes to the market’s level, saying “As long as Ethereum remains under pressure, below $2,000 and down more than 60% from its ATH, BitMine's thesis remains a pure bet on a cycle turnaround whose timing nobody knows.”

CoinDesk provided a different forward-looking framing, saying “If the pattern holds for another month, ether will have something it has never had before,” and it described that as “a Strategy-equivalent corporate buyer absorbing supply each week regardless of price.”

Across the sources, the next steps are therefore presented as continued weekly accumulation, staking yield generation, and more structured disclosure, with the comparison to Strategy’s bitcoin buying pace remaining central to how BitMine’s progress is measured.