BitMine Acquires 26,497 ETH Worth $53 Million, Holds Over 1 Million ETH YTD

BitMine Immersion Technologies Inc bought 26,497 Ethereum worth roughly $53 million last week. The purchase cut the company’s weekly accumulation pace by more than 75 percent after it acquired 120,000 ETH the prior week. 42 million ETH.

49 percent of Ethereum’s circulating supply and sits about 90 percent of the way toward its stated goal of owning 5 percent. Chairman Tom Lee said at Consensus 2026 in May that the company planned to moderate accumulation as it approached the 5 percent target. “ETH prices are not reflecting the strengthening of Ethereum fundamentals,” Lee said Monday.

“But then again, this is not surprising given we are in the early stages of crypto spring,” he added. BitMine has acquired more than 1 million ETH since the start of the year. 6 billion as of May 31.

Current staking operations generate roughly $258 million in annualized revenue. BitMine projects staking rewards approaching $300 million annually. BitMine also holds 203 Bitcoin and $446 million in cash.

The company maintains stakes in Beast Industries and Eightco Holdings. 94.

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