Bitmine Immersion Technologies, the world’s largest known Ethereum treasury company, acquired an additional 101,745 ETH for over $240 million last week, bringing total holdings to 5.18 million tokens – as Chairman Thomas “Tom” Lee declared that a new crypto cycle had quietly begun.
The latest purchase, which included 10,000 ETH acquired directly from the Ethereum Foundation in an over-the-counter transaction at an average price of $2,292 per token, brings Bitmine’s cumulative ETH position to 5,180,131 tokens, or approximately 4.29% of Ethereum’s total circulating supply of 120.7 million coins, according to the company’s official press release via PR Newswire. The company is now 86% of the way toward what it calls “the alchemy of the 5%” – its stated goal of controlling 5% of all ETH in existence.
Lee calls the cycle turn
In the company’s May 4 update, Lee described the moment with conviction. “Crypto Spring, in our view, has begun,” he said in the release, “and like previous cycles, investor sentiment and conviction is muted and bearish, even as crypto prices strengthen.” The statement echoes a trend seen in previous bull runs – where macro skepticism and subdued retail sentiment coincide with a structural shift in institutional positioning.
Lee highlighted two long-term factors that specifically underlie his bullish thesis on Ethereum. The first is the accelerating trend of Wall Street institutions tokenizing financial assets on the blockchain. The second is the rise of agentic AI systems which he believes will increasingly require public, neutral blockchains for payments and verification – a use case Lee says positions Ethereum as the default infrastructure layer.
A large-scale staking machine
Beyond accumulation, Bitmine has built a yield-generating operation to match. As of May 3, the company has staked 4,362,757 ETH – or more than 84% of its total holdings – through MAVAN (Made in America Validator Network), its institutional-grade staking platform launching earlier in 2026. According to the press release, annualized staking revenue currently stands at $297 million, with projected annual rewards of $352 million once fully deployed. at Bitmine’s seven-day yield rate of 2.91%.
The company’s investor base reflects the scale of the bet. ARK’s Cathie Wood, Founders Fund, Pantera, Galaxy Digital, Kraken and DCG are all listed as institutional backers, according to the release.
As of this writing, Ethereum is trading at around $2,336, about 52% below its all-time high of $4,946 reached last August – a gap that Lee says represents exactly the type of undervaluation that has historically preceded generational moves in the nascent sector.
ETH's price records some bullish momentum on the daily chart. Source: ETHUSD chart on Tradingview
Cover image from ChatGPT, ETHUSD chart from Tradingview
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