BitMine Immersion Technologies just added another 27,084 ETH to its balance sheet, paying roughly $43 million for the haul. The purchase brings the company’s total Ethereum holdings north of 5.7 million tokens, representing approximately 4.7% of the circulating supply.
From Bitcoin miner to Ethereum whale
BitMine, trading under the ticker BMNR, has undergone a dramatic identity shift. The company pivoted from its origins as a Bitcoin mining operation into what is now essentially an Ethereum treasury vehicle, guided by chairman Tom Lee, the Fundstrat founder who has spent years as one of Wall Street’s most vocal crypto bulls.
BMNR’s total crypto and cash holdings are now estimated at around $9.8 billion. This latest $43 million purchase is just the most recent in a string of acquisitions throughout 2026. The firm has executed multiple large ETH buys this year, including a single tranche of 126,971 ETH for approximately $214 million.
Lee has indicated that the accumulation will continue through the rest of 2026. The strategic target is clear: reach 5% of Ethereum’s total supply by year-end. At 4.7%, that finish line is getting close.
