- Bitmine bought 26,659 Ethereum in the last seven days, increasing its holdings to over 5.2 million ETH.
- The company’s chairman, Tom Lee, believes the crypto spring has commenced, but has revealed that they plan to slow their Ether acquisition as they close in on their 5% target.
Bitmine Immersion Technologies (BMNR) has one-upped Strategy (formerly MicroStrategy) with its latest crypto purchase. It came amid the bold declaration of its chairman, Tom Lee, that the market has transitioned to “crypto spring.”
Latest Ethereum Acquisition of Bitmine
Bitmine announced on Monday that it added 26,659 Ethereum (ETH) to its digital asset portfolio over the last seven days. The purchase was appraised at approximately $63.08 million based on a $ 2,366-per-ETH rate at the time of the company’s report.
The move increases Bitmine’s portfolio to 5,206,790 ETH, valued at roughly $12.32 billion. Meanwhile, its Ether holdings now account for 4.31% of Ethereum’s circulating token supply of 120.68 million. It brings the business closer to its goal of securing 5% control over the second-largest crypto asset by market cap under its “Alchemy of 5%” model.
The Ethereum haul adds to Bitmine’s 201 Bitcoin (BTC) holdings, $200 million stake in Beast Industries, $88 million stake in Eightco Holdings (ORBS), and $775 million in cash reserves.
Supplementing Bitmine’s Ethereum playbook is its staking strategy. To date, the company has staked 90.51% of its ETH holdings, equivalent to 4,712,917 ETH, across its staking partners and proprietary MAVAN (Made-in America VAlidator Network) staking infrastructure. It expects to generate up to $352 million in annual revenue at scale once it fully stakes its holdings with MAVAN and its staking partners.
Tom Lee Sees Arrival of “Crypto Spring”
In his recent message to investors, Lee confidently stated that the “crypto spring has commenced.” Beyond the anticipated price appreciation of its ETH holdings, the chairman forecasted that the asset would benefit from macro tailwinds. These include its growing adoption in Wall Street’s real-world asset (RWA) tokenization and integration in agentic AI (artificial intelligence).
However, Lee’s prediction comes with a caveat. Ether must close above $2,100 by the end of May to confirm it’s out of the crypto winter. He noted that it would mark the third consecutive monthly gain for the coin, which is a feat never seen before in a bear cycle.
The Bitmine exec also emphasized that Bitmine has acquired over 1 million ETH since the start of the year. He said they intend to hold and stake all of their company’s ETH holdings to remove them from Ethereum’s circulating supply and help maintain disinflation.
Furthermore, Lee revealed that they plan to slow Bitmine’s Ether acquisitions from more than 100,000 per week as it gets closer to its 5% goal.
