Bitmine adds $92M in ETH as Tom Lee sticks with ’crypto spring’ outlook
Bitmine Immersion Technologies (BMNR), the world’s largest corporate holder of Ethereum, continued adding to its ether (ETH) treasury last week, though at a slower pace as it closes in on its goal of owning 5% of the cryptocurrency’s circulating supply.
The company said it purchased 52,203 ETH during the week, worth about $92 million at current prices. The latest acquisition increased Bitmine’s holdings to 5.67 million ETH, valued at nearly $10 billion, or about 4.7% of Ethereum’s circulating supply. The company also held $601 million in cash and marketable securities.
While the purchase was smaller than those made in the previous two weeks, Bitmine said it remains on track to reach its target of accumulating 5% of Ethereum’s supply later this year. The company said it has now achieved 94% of that goal.
”We continue to maintain a steady pace of accumulation throughout 2026,” Chairman Thomas ”Tom” Lee said in a statement.
To support its acquisition strategy, Bitmine has also expanded its financing options. Earlier this month, the company raised about $274 million by selling 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock, listed on the New York Stock Exchange under the ticker BMNP. The preferred shares pay weekly cash dividends.
Lee said Bitmine’s staking business generates recurring cash flow to help fund those dividend payments. The company currently has 4.72 million ETH staked, representing more than 83% of its holdings, and expects annualized staking revenue of about $223 million. Through its MAVAN staking platform, annual staking rewards could reach as much as $268 million.
Bitmine also announced another round of dividend payments through August, with shareholders set to receive $0.1847 per share.
Lee reiterated his bullish view on the broader crypto market, saying recent price weakness has not changed his belief that the industry is entering a new growth phase.
”We believe we are in the early stages of crypto spring,” he said.
He also reaffirmed his long-term optimism for Ethereum, arguing that rising demand from tokenization and artificial intelligence applications will drive wider adoption of the network in the years ahead.
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