Tom Lee's BitMine Scoops Up $91M ETH at Rock-Bottom Prices – Now Holds 3.62% of Supply

BitMine Immersion Technologies (NYSE: BMNR), chaired by Tom Lee, has aggressively accumulated Ethereum during the ongoing market downturn, recently purchasing 45,759 ETH for approximately $91 million at an average price of around $1,998 per token. This latest buy pushes the company's total ETH holdings to 4.371 million tokens, equivalent to about 3.62% of the entire ETH supply and valued at roughly $8.7 billion at current levels. The move underscores BitMine's unwavering commitment to its "Alchemy of 5%" goal—targeting ownership of 5% of the ETH supply—having already achieved over 72% progress in just seven months.

Of the holdings, 3.04 million ETH (valued at ~$6.1 billion) are staked, generating substantial annual rewards projected at hundreds of millions (potentially $252 million at scale via their upcoming MAVAN staking solution launching in Q1 2026). Combined with cash reserves of $670 million, a small BTC position, and strategic equity stakes (including $200 million in Beast Industries), BitMine's total assets stand at $9.6 billion. Despite sitting on significant unrealized losses amid ETH's sharp decline from its 2025 peak above $5,000, the firm continues viewing the weakness as a prime opportunity.

ETH currently trades around $1,974 (down ~1.97% daily and 40% monthly), remaining in a descending channel with high volatility. Tom Lee sees this as an "attractive entry" driven by Ethereum's strong fundamentals, including real-world asset (RWA) tokenization, rising network demand, AI integration, and Layer-2 growth. He anticipates 2026 as a "defining year" for ETH, forecasting prices of $7,000–$9,000 despite the current "mini-winter," and BitMine plans to keep buying dips for long-term staking and DeFi utility.