Bitmine Immersion Technologies (BMNR) has purchased 52,203 ether (ETH) for approximately $92 million, increasing its total holdings to 5.67 million ETH, valued at nearly $10 billion. This acquisition positions Bitmine at 4.7% of Ethereum's circulating supply, as the firm approaches its goal of owning 5% of the cryptocurrency.
Chairman Thomas Lee confirmed that Bitmine will continue to buy ETH steadily through 2026, fueled by rising demand for tokenization and artificial intelligence, which he believes will drive Ethereum's adoption.
Recently, Bitmine raised about $274 million through preferred shares, enhancing its financing tools while maintaining a stable cash flow due to substantial ETH staking. The firm has staked 4.72 million ETH, projecting annualized staking revenue of roughly $223 million.
Despite recent volatility in Bitcoin prices, Lee maintains a bullish outlook, stating, "We believe we are in the early stages of crypto spring," indicating optimism for market recovery fueled by technology developments and institutional interest.