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BitMine Expands Ethereum Treasury Aggressively as Institutional Crypto Accumulation Enters a New Phase
BitMine Immersion Technologies, chaired by Wall Street veteran Tom Lee, has intensified its Ethereum acquisition strategy with another major purchase, signaling one of the most aggressive institutional accumulation phases in the crypto market to date. In its latest disclosure dated May 4, 2026, the company confirmed the acquisition of 101,745 ETH, valued at approximately $237 million, pushing its total Ethereum holdings to 5,180,131 ETH and overall treasury value to $13.1 billion.
A significant portion of this acquisition was executed through over-the-counter transactions, including direct purchases from the Ethereum Foundation, which sold 10,000 ETH at an average price of $2,292 per ETH. The Foundation stated that proceeds will be allocated toward ecosystem development, operational funding, and community grants, reinforcing its long-term commitment to Ethereum’s infrastructure growth.
This marks the third consecutive week that BitMine has accumulated over 100,000 ETH per week, highlighting a consistent and systematic treasury expansion strategy. Previous weekly purchases included 101,901 ETH and 101,627 ETH, indicating sustained institutional conviction rather than opportunistic buying.
BitMine’s current crypto treasury composition reflects a diversified but Ethereum-dominant structure. The firm now holds 5.18 million ETH, alongside 200 BTC, $700 million in cash reserves, and additional equity positions including $200 million in Monster Industries and $83 million in Eightco Holdings. This brings its total asset base to approximately $13.1 billion.
The scale of Ethereum accumulation is particularly notable. BitMine now controls roughly 4.29% of Ethereum’s circulating supply, positioning it as the largest Ethereum treasury globally. The firm has set an internal target referred to as “Alchemy,” aiming to accumulate 5% of total ETH supply. With only around 843,000 ETH remaining to reach this milestone, the goal appears increasingly attainable if current accumulation rates continue.
A major component of BitMine’s strategy is staking. Approximately 4.36 million ETH, or 84% of its holdings, are currently staked through its validator infrastructure, known as MAVAN, and external partners. This staking operation has generated an estimated $297 million in annual revenue, with projections suggesting potential earnings of $352 million if full staking capacity is achieved.
The company is also positioning MAVAN as an institutional-grade staking and infrastructure solution, expanding beyond internal treasury use to serve external custodians, funds, and ecosystem participants. This move signals an ambition to evolve from a treasury accumulator into a broader blockchain infrastructure provider.
Tom Lee, President of BitMine and well-known market strategist, has described the current environment as the beginning of a “Crypto Spring,” emphasizing that investor sentiment remains cautious even as underlying fundamentals strengthen. According to Lee, macro trends such as tokenization by Wall Street institutions and increasing demand for neutral blockchain infrastructure to support autonomous AI systems are creating a dual structural tailwind for Ethereum.
Lee has also projected long-term valuation scenarios suggesting Ethereum could reach $60,000, based on network adoption and financial system integration, although such estimates remain highly speculative and dependent on long-term execution and adoption dynamics.
BitMine’s corporate positioning has also strengthened following its upgrade to the New York Stock Exchange main board under the ticker BMNR. The stock has demonstrated strong liquidity, with a five-day average trading volume of $625 million, ranking it among the more actively traded US equities. Institutional investors reportedly include major firms such as ARK Invest, Founders Fund, Pantera Capital, Digital Currency Group, and Galaxy Digital.
Despite strong monthly gains of around 18%, BMNR remains down year-to-date by over 15%, reflecting broader volatility in crypto-linked equities. Meanwhile, Ethereum itself has shown partial recovery, gaining approximately 15% over the past month, though still trading significantly below its all-time high of $4,946 recorded in August 2025.
Within the broader digital asset landscape, BitMine now ranks as the second-largest crypto treasury globally, trailing only Strategy, which holds a dominant Bitcoin position valued at $64.2 billion. The firm has also expanded its capital return strategy, increasing its share buyback program from $1 billion to $4 billion, signaling confidence in long-term shareholder value.
Overall, BitMine’s aggressive Ethereum accumulation, combined with staking yield generation and institutional positioning, reflects a broader shift in crypto markets toward large-scale corporate treasury strategies. Whether this model becomes a standard for future digital asset adoption will depend on regulatory clarity, market cycles, and sustained institutional participation.
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