BitMine Buys 111,942 ETH In Biggest Ethereum Purchase Of 2026

BitMine Immersion Technologies has added 111,942 ETH over the past week, its largest disclosed Ethereum purchase of 2026 and one of the biggest corporate ETH buys of the current cycle. The purchase lifted BitMine’s total holdings to 5,390,404 ETH, valued at roughly $11.5 billion using the company’s $2,134 ETH reference price.

The latest acquisition puts BitMine at 4.47% of Ethereum’s 120.7 million token supply, leaving the firm 89% of the way toward its “Alchemy of 5%” target. That goal has turned BitMine into the most aggressive public-company Ethereum treasury play in the market, with BMNR increasingly trading as a leveraged equity bet on ETH accumulation, staking income and Ethereum’s institutional adoption story.

The buy also extends a run that already included another 40,000 ETH accumulation push earlier this month, when BitMine’s treasury strategy was already closing in on its long-term supply target.

ETH Pullback Gives BitMine A Bigger Entry

The timing is important because Ethereum has been struggling below major breakout levels while treasury demand keeps absorbing supply. Tom Lee has tied BitMine’s strategy to Ethereum’s role in tokenization, stablecoin settlement and agentic AI systems that need neutral public blockchains. That thesis has kept BMNR closely tied to every major ETH move, especially after Lee’s larger Ethereum supercycle call collided with BitMine’s massive ETH balance sheet.

BitMine now also has 4,712,917 ETH staked, worth about $10.1 billion at the same reference price. That represents more than 87% of its ETH stack and gives the firm an annualized staking-reward run rate of about $276 million based on its latest seven-day annualized yield.

That staking layer makes BitMine different from a passive treasury. The firm is not only holding ETH as a balance-sheet asset, but also using Ethereum’s proof-of-stake mechanics to generate protocol-level rewards from one of the largest single ETH positions in the market.

BMNR Becomes A High-Beta Ethereum Proxy

BMNR shares traded higher early Tuesday as the new purchase gave investors a fresh treasury catalyst. The move adds another layer to the equity story: BitMine now sits between Ethereum price exposure, staking yield, public-market liquidity and the risk of holding a huge crypto reserve through volatile market cycles.

Ethereum still needs stronger price confirmation. ETH has been battling around key resistance after repeated failed pushes above the mid-$2,000 range, and the earlier Ethereum $2,400 trap remains relevant for traders watching whether treasury demand can help flip sentiment. A recent Ethereum price analysis showed that ETH needs to break $2500 to turn the tables.

BitMine’s latest buy does not guarantee an ETH breakout, but it makes the supply story harder to ignore. A public company now controls nearly 4.5% of all ETH and is still buying during pullbacks, while most traders are waiting for confirmation. If Ethereum reclaims momentum, BMNR could remain one of the highest-beta public-market vehicles attached to the move.

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