Bitmine Immersion Technologies, the second-largest public crypto holding company, provided a detailed update on its Ethereum (ETH) strategy on Monday, as well as broader numbers covering its crypto portfolio, including total holdings and so-called “moonshots.”
The company said its combined crypto-related positions now reach $13.3 billion, while the main focus of investors remains its Ethereum accumulation, which it said has reached a new high.
Bitmine targets 5% of Ethereum supply
According to According to Bitmine’s disclosure, its ETH holdings reached a record 5,078,386 tokens at $2,369 per ETH. Thomas Lee, president of the company, highlighted that this milestone was reached over the past week, noting that Bitmine “surpassed 5 million last week.”
He presented it as an important step toward a longer-term goal: acquiring 5% of Ethereum’s supply. In his remarks, Lee said the speed of accumulation was “astonishing,” with Bitmine reaching the 5 million mark in about 10 months.
Related reading
Lee also highlighted research that supports the idea of Ethereum as a “store of value.” He cited recent reports, including a study by Etherealize, claiming that ETH could increasingly be held as collateral as digital assets become more involved in financial transactions.
According to him, Ethereum’s recent performance since the start of the war in Iran has helped demonstrate this role. Lee claimed that ETH has outperformed the S&P 500 by 1,696 basis points since the start of the war, and he added that Ethereum remains the only best performing asset in the worldapart from crude oil prices.
He argued that this dynamic reinforces the idea of ETH as a particularly resilient “wartime” asset, describing it as both significant and distinctive compared to other securities.
Beyond valuation and performance, Lee connected Ethereum’s momentum to two broader trends. He said Ethereum benefits from Wall Street’s tokenization activity on the blockchain, as well as the rise of agentic artificial intelligence (AI) systems which he said increasingly require public, neutral blockchains.
Highest purchasing pace since December
Regarding the pace of trading itself, Lee said Bitmine has maintained an increased rate of ETH purchases in each of the last four weeks, describing this as evidence of a strategy of continued accumulation, even in changing market conditions.
He said that in the most recent week, the company purchased 101,901 Ethereum, calling it the highest pace of purchases since the week of December 15, 2025. Lee also linked the purchasing strategy to what he called Bitmine base casestating that ETH is in the final stages of a “mini crypto winter.”
Related reading
The company also detailed its staking position. As of April 26, 2026, Bitmine reported that its total ETH staked stood at 3,701,589 tokens, which it valued at $8.8 billion using the price of $2,369 per ETH. In addition to this figure, Bitmine said its annualized staking revenue now stands at $264 million.
At the time of writing, Ethereum was trading at $2,292. Despite improving market conditions, it fell 3% on Monday after failing to break above the $2,400 resistance level.
Featured image from OpenArt, chart from TradingView.com
