Tom Lee's Bitmine Adds Another $52M in Ether Despite Market Doubts

@BitMNR Bitmine Immersion Technologies has added another $52 million worth of $ETH to its balance sheet, acquiring 26,497 Ether over the past week. Chairman Tom Lee (@fundstrat) said in a statement that Bitmine acquired the tokens over the prior week and that, in his view, "ETH prices are not reflecting the strengthening of Ethereum fundamentals," adding that the company remains on track to reach its "alchemy of 5%" goal sometime in 2026.

Largest Ether Treasury in the World

As of May 31, 2026, Bitmine's crypto holdings stood at 5,416,901 $ETH, and the company retains its position as the largest Ethereum treasury in the world. According to CoinGecko, Bitmine holds approximately 4.47% of the total ETH supply, making it the largest public corporate Ethereum holder.

Of that total, 4,718,677 ETH, valued at roughly $9.5 billion, is currently staked through Bitmine's institutional staking platform, MAVAN (Made in America Validator Network), as of May 31. Based on current staking numbers, Bitmine anticipates annualized staking revenues of more than $276 million.

Fundamentals vs. Price: Lee's Conviction Holds

Bitmine has continued buying even as broader market sentiment has remained uncertain, with Lee pointing to signs that a crypto "mini-winter" is ending. Lee has framed the continued accumulation around a "supercycle" thesis, citing Wall Street tokenization and agentic AI as the two structural drivers he expects to lift Ethereum demand.

Bitmine now holds more than 4.4% of the circulating ETH supply, putting it more than 88% of the way toward its stated goal of accumulating 5% of all tokens, a target Lee has said the firm expects to hit sometime in 2026. Bitmine ranks as the number two global crypto treasury overall, behind Strategy Inc. (NASDAQ: MSTR), which reportedly holds 843,738 $BTC.

Not everyone shares Lee's optimism. Bitmine's stock fell more than 88% from its July 2025 peak to its early 2026 low even as Lee continued buying, though he has noted the firm carries no debt covenants and funded purchases through equity issuance rather than borrowed capital.

Sources:
Bitmine Immersion Technologies press release, June 1, 2026 (PR Newswire)
Tom Lee's BitMine Makes Biggest Ethereum Buy Yet in 2026 (Decrypt)
Bitmine ETH Treasury Holdings (The Block)