Bitmine Immersion (BMNR), the Ethereum finance company led by chairman Tom Lee, ramped up purchases again, making its biggest move since December.
The company said Monday it bought 111,942 ether (ETH) last week, worth about $237 million at current prices. That lifted the firm’s holdings to nearly 5.4 million ETH, about 4.47% of Ethereum’s circulating supply.
The purchase marks a renewed acceleration in Bitmine’s buying pace after Lee said earlier in May at Consensus 2026 in Miami that the company planned to slow weekly accumulation. The move came as the firm aims to take advantage of ETH falling from $2,400 in early May and April to nearly $2,100.
“We continue to acquire ETH steadily,” Lee said in the statement. “We see the recent pullback of ETH below $2,200 as an attractive opportunity.”
Lee added that the firm is expected to reach its goal of removing 5% of ether’s supply later in 2026.
Bitmine’s total crypto and cash holdings stand at $12.3 billion, according to the report. The company also holds 203 bitcoin, $444 million in cash and equity, including investments in Beast Industries and Eightco Holdings.
The firm said it has staked more than 4.7 million ETH — about 87% of its holdings — and generates approximately $276 million in annual staking revenue.
