BMNR
The ETH buying spree rolls on
BitMine Immersion Technologies is still acting like Ethereum is on sale at the mall after a holiday markdown. The company said it bought another 111,942 ETH over the past week, lifting its total holdings to 5.39 million ETH — roughly 4.47% of Ethereum’s circulating supply.
That’s not just a treasury position. That’s a whale wearing a suit.
Tom Lee’s “alchemy of 5%”
Chairman Tom Lee says the recent dip below $2,200 looks attractive and expects BitMine to reach his so-called “alchemy of 5%” sometime in 2026. In other words, the company is aiming to keep stacking ETH until it controls about one-twentieth of the network’s supply. Casual little ambition there.
BitMine also said its crypto, cash, and moonshot investments now total $12.3 billion, with 4.71 million ETH staked. The company claims its staking operation could eventually generate about $276 million a year in rewards at current yields.
Why investors should care
This kind of move matters for two reasons:
- It’s a loud vote of confidence in Ethereum at a time when plenty of traders are still squinting at the chart.
- It turns BitMine into a leveraged proxy for ETH, meaning the stock can become a very spicy ride if crypto sentiment flips.
Big picture: BitMine is basically telling the market, “We’re not done buying.” Whether that looks brilliant or bonkers will probably depend on where ETH goes next.