Bitmine Adds $92M in ETH as Tom Lee Sticks With “Crypto Spring” View

Bitmine Immersion Technologies added 52,203 ETH last week, a purchase valued at about $92 million based on ether trading near $1,760, according to CoinDesk. The buy brought the company’s holdings to 5.67 million ETH, worth nearly $10 billion, equal to about 4.7% of Ethereum’s circulating supply.

The development matters because Bitmine remains one of the biggest corporate buyers of crypto assets and the largest Ethereum treasury company cited in the report. Although its latest purchase was smaller than in the two prior weeks, the company said it is now 94% of the way toward its long-running target of owning 5% of ETH supply later this year.

Bitmine also reported $601 million in cash and marketable securities, while continuing to build the financing structure behind its accumulation strategy. Earlier this month, it raised roughly $274 million through the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock, which trades on the New York Stock Exchange under the ticker BMNP and pays weekly cash dividends.

Chairman Thomas “Tom” Lee said Bitmine expects to maintain a steady pace of accumulation throughout 2026. CoinDesk reported that Lee has pointed to the company’s staking operation as recurring cash flow that can help support obligations tied to its preferred shares.

Bitmine currently has 4.72 million ETH staked, representing more than 83% of its holdings. The company projects annualized staking revenue of roughly $223 million, with potential annual staking rewards reaching $268 million through its MAVAN staking platform.

Lee also reiterated his belief that the crypto market is in the early stages of what he called “crypto spring,” despite a recent pullback following the downturn that began with the October 2025 liquidation shock. He maintained a long-term bullish view on Ethereum, arguing that demand tied to tokenization and artificial intelligence applications could support adoption of the network over time.