BitMine Immersion Technologies acquired 126,971 ETH for approximately $207 million last week at an average of $1,630 per token, its largest weekly purchase of 2026, lifting its total treasury to 5.54 million ETH, equal to 4.59% of Ethereum’s circulating supply.
BitMine Immersion Technologies (NYSE: BMNR) acquired 126,971 ether last week at an average cost of roughly $1,630 per token, spending approximately $207 million as ETH fell to its lowest levels since earlier this year. The purchase is the company’s single largest weekly ETH acquisition of 2026.
The buys lifted BitMine’s total holdings to 5,543,872 ETH, equal to 4.59% of Ethereum’s circulating supply of 120.7 million tokens, per the company’s 8-K filing with the SEC dated June 8. At $1,630 per ETH, the Coinbase price as of 3:00 p.m. ET on June 7, the treasury is valued at approximately $9.04 billion.
ETH had shed roughly 26% in the two weeks before the purchase window. The token traded near $2,123 on May 25 before sliding to an intraday trough around $1,561 on June 6, a drawdown that can be attributed partly to contagion from the Zcash Orchard circuit vulnerability disclosed on May 29. That flaw, which could have allowed undetected ZEC counterfeiting, was patched via a hard fork on June 3, but the broader altcoin market sold off in the interim. ETH’s 7-day decline of 13.9% was among the steepest in the large-cap layer-1 cohort, per CoinGecko price data.
The Thesis Behind the Buy
BitMine chairman Tom Lee framed the decision as a deliberate counter-trade.
“The broad selloff in crypto, in our view, is a superficial take,” Lee said in the SEC filing. “As AI systems capabilities improve, the demand for de-centralized and hardened solutions will likely increase, particularly to protect users from agentic systems.”
Lee added in the same filing: “We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we are in the early stages of crypto spring.”
Staking and the ‘5%’ Target
The latest accumulation brings BitMine to 92% of its “Alchemy of 5%” goal, the company’s target of holding 5% of Ethereum’s total circulating supply. BitMine launched its own staking infrastructure, MAVAN (Made in America Validator Network), in 2026 and has deployed the majority of its holdings there.
As of June 7, 4,718,677 ETH, or 85% of total holdings, is staked. The company projects annualized staking revenue of roughly $230 million at the current 7-day yield of 2.99%. Lee said that when fully staked at scale, the projected annual reward rises to $270 million.
BitMine’s total crypto, cash, and investment holdings stand at $9.6 billion, including $247 million in cash, an $88 million stake in Eightco Holdings (NASDAQ: ORBS), and a $180 million position in Beast Industries, per the filing.
Treasury Context
BitMine remains the largest corporate ETH treasury globally, per CoinGecko’s public-treasury tracker. The next largest holder, SharpLink (NASDAQ: SBET), holds 868,699 ETH, less than one-sixth of BitMine’s position. The Ether Machine (NASDAQ: ETHM) is third at 496,712 ETH. All 32 tracked public companies combined hold roughly 7.55 million ETH, meaning BitMine accounts for about 73% of the corporate ETH treasury universe.
ETH was trading at $1,692 at the time of writing, per CoinGecko, up approximately 8% from the June 6 trough but still down 13.9% over the prior seven days.
