BitMine Immersion Technologies just dropped another $131 million on Ethereum like it was restocking the office coffee supply. The company, chaired by Fundstrat’s Tom Lee, scooped up 53,501 ETH in the week ending August 30, 2026, marking its 65th straight weekly purchase since launching a dedicated ETH treasury strategy in June 2025.
That relentless accumulation has pushed BitMine’s total Ethereum stash to 5,901,112 tokens. At roughly $2,511 per ETH, the pile is worth approximately $14.8 billion. For context, BitMine now controls around 4.9% of the entire global ETH supply of 120.7 million tokens.
The MicroStrategy playbook, ported to Ethereum
If this strategy feels familiar, it should. BitMine has essentially carbon-copied the Michael Saylor approach to Bitcoin and applied it to Ethereum. MicroStrategy spent years converting its balance sheet into BTC, turning a mid-tier software firm into a leveraged Bitcoin proxy. BitMine, listed on NYSE American under the ticker BMNR, is running the same play on ETH, but with one significant twist: staking income.
Over 5.067 million of BitMine’s ETH tokens, roughly 86% of its holdings, are currently staked. The company projects annual staking rewards of approximately $390 million once full deployment is complete. That’s a revenue stream MicroStrategy never had with Bitcoin, which offers no native yield.
