Tom Lee's BitMine Makes Biggest Ethereum Buy So Far in 2026, Hitting 5 Million ETH Milestone

In brief

• BitMine Immersion Technologies made it biggest weekly Ethereum purchase so far in 2026.
• The company now holds over 5 million ETH, valued around $11.75 billion.
• Ethereum's price has climbed 16% over the last month, but remains down more than 50% from its 2025 peak.

BitMine Immersion Technologies, the top Ethereum treasury firm by total holdings, said Monday that it made its largest weekly purchase so far in 2026, pushing its total Ethereum stash past the 5 million mark.

The company added 101,901 ETH over the last week, edging out the previous week's haul of 101,627 ETH to rank as the firm's largest weekly ETH buy so far this year. Last week's total included a 10,000 ETH over-the-counter purchase from the Ethereum Foundation, which announced the sale on Friday.

All told, the company now holds 5,078,386 ETH, currently valued around $11.75 billion.

"This is a major milestone as the company moves towards acquiring 5% of the ETH supply," said BitMine Chairman Tom Lee, in a statement. "And this pace of accumulation is astonishing, taking only 10 months to reach 5 million." (Disclosure: Lee is an investor in Dastan, the parent company of an editorially independent Decrypt.)

Ethereum is roughly flat over the last week, recently trading at $2,315, though it has risen about 16% over the last 30 days per data from CoinGecko as a Middle East ceasefire has given investors more confidence in handling risk assets.

Still, the second-largest cryptocurrency by market cap remains more than 53% off its all-time high mark of $4,946 set last August, around the time that BitMine started amassing large amounts of ETH. Even with the sizable decline, Lee said that he's confident that the tide is turning on the slump.

"Several recent research reports, including the latest research by Etherealize, argue ETH is a 'store of value' and will be held as collateral as digital assets are increasingly used in financial transactions," said Lee, in a statement. "This new role for ETH has arguably been demonstrated by its outperformance since the Iran War commenced. ETH has outperformed the S&P 500 by 1,696 basis points since the war started and remains the single best performing asset in the world (beside crude oil prices)."

BitMine's stock (BMNR) is down slightly on the day since the opening bell, dipping 0.3% to a recent price of $22.08.

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