Bitmine Acquires 101,901 ETH, Holdings Cross 5 Million Mark

• Bitmine bought 101,901 ETH, pushing holdings above 5 million as accumulation pace accelerates.
• Firm holds over $6.3B unrealized losses but offsets with $264M annual staking revenue from large ETH position.
• Strategy reflects confidence in Ethereum’s role in tokenization, AI systems, and broader financial infrastructure growth.

Bitmine Immersion Technologies confirmed on April 26, 2026, that it purchased 101,901 ETH last week, pushing total holdings above 5 million tokens. The move, disclosed in a company update, marks its fastest accumulation pace since December 2025. Chairman Tom Lee said the buying reflects expectations that Ethereum is nearing the end of a “mini-crypto winter.”

Accumulation Pace Accelerates 

The latest purchase stands as Bitmine’s largest weekly buy this year. Notably, it exceeds a prior acquisition of 101,627 ETH recorded two weeks earlier. According to Tom Lee, the firm has sustained aggressive accumulation for four consecutive weeks.

With the new purchase, Bitmine now holds 5,078,386 ETH. Lee described the milestone as significant, highlighting that the company reached this level within ten months. He added that the firm continues targeting 5% of Ethereum’s total supply.

Meanwhile, part of the recent acquisition included 10,000 ETH bought over-the-counter from the Ethereum Foundation. The foundation has continued selling holdings to fund operations.

Financial position and staking exposure

Despite the accumulation, Bitmine holds an unrealized loss exceeding $6.3 billion, according to DropsTab data. Its average purchase price remains above $3,600 per ETH, while current prices hover near $2,300.

However, the company’s broader crypto exposure has expanded. Bitmine reported total crypto-related positions of $13.3 billion. Additionally, it disclosed 3,701,589 ETH staked as of April 26, valued at $8.8 billion.

That staking position generates annualized revenue of approximately $264 million. This income stream adds to the firm’s strategy of holding and deploying Ethereum at scale.

Strategy Ties to Broader Market Trends

Tom Lee linked the accumulation strategy to shifting narratives around Ethereum’s role. He cited research suggesting ETH could function as a store of value and collateral in financial transactions.

He also pointed to recent performance data, stating Ethereum has outperformed the S&P 500 since the Iran war began. Furthermore, Lee noted that ETH trails only crude oil in global asset performance during that period.

At the same time, he connected Ethereum demand to two trends. These include Wall Street tokenization efforts and increasing reliance on public blockchains by AI-driven systems.

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