BitMine (BMNR) Stock: Tom Lee’s Firm Crosses 4 Million ETH Milestone With $300M Purchase

TLDR

• BitMine Immersion Technologies (BMNR) purchased 98,852 ether tokens last week for roughly $300 million, bringing total holdings to 4,066,062 ETH
• The company now controls 3.37% of the entire Ethereum supply, making it the largest institutional ETH holder globally
• BitMine maintains $1 billion in cash reserves despite the purchase, with its ETH treasury valued at just over $12 billion
• The firm is sitting on over $3 billion in unrealized losses as ETH prices dropped from $3,170 to below $2,800 last week
• BitMine plans to launch its “Made in America Validator Network” (MAVAN) staking infrastructure in early 2026 to generate yield from its holdings

BitMine Immersion Technologies bought 98,852 ether tokens last week during a market downturn. The purchase, worth approximately $300 million at current prices, pushed the company’s total holdings past 4 million ETH.

The firm now holds 4,066,062 tokens, representing 3.37% of the entire Ethereum supply. This makes BitMine the largest known institutional holder of ether among publicly traded companies.

Tom Lee, Fundstrat chairman and BitMine’s leader, has been steadily accumulating ETH regardless of market conditions. While other institutional players scaled back purchases during recent price declines, BitMine maintained its buying strategy.

Bitmine Immersion Technologies, Inc., BMNR

The company’s cash position remained at $1 billion despite last week’s purchase. Its ETH treasury alone is valued at just over $12 billion.

Last week saw considerable volatility in crypto markets. ETH dropped from $3,170 on Monday to below $2,800 by Thursday. The token has since recovered above $3,000.

BMNR shares rose 4.5% in pre-market trading following Friday’s 10% bounce. The stock’s performance remains closely tied to ether’s spot price.

The Path to 5%

BitMine aims to control 5% of the total ether supply, a target Lee calls the “Alchemy of 5%.” The company is now two-thirds of the way to reaching this goal.

Last week’s acquisition was slightly lower than the previous week’s 138,000 ETH purchase. However, the firm remains on track with its long-term accumulation strategy.

The aggressive buying comes at a cost. BitMine is currently sitting on over $3 billion in unrealized losses on its ETH holdings, according to data from DropsTab.

These losses stem from purchases made earlier in the year when prices were higher. The company’s average cost basis remains above current market levels.

Staking Plans Take Shape

BitMine is preparing to monetize its massive ETH holdings through staking. The company plans to launch its “Made in America Validator Network” (MAVAN) in early 2026.

This staking infrastructure will allow BitMine to generate yield from its 4 million ETH holdings. The revenue stream could help offset operating costs and provide income independent of price appreciation.

The move would transform BitMine from a passive holder into an active participant in Ethereum’s network. The company aims to become a staking provider for institutional clients.

Currently, only one Wall Street analyst covers BMNR stock. That analyst maintains a Buy rating with a $47 price target, representing a potential 43.95% upside from recent levels.

The company’s strategy mirrors that of Strategy (MSTR), which has aggressively accumulated bitcoin. BitMine is applying the same approach to Ethereum, betting on long-term adoption of blockchain technology.

BitMine’s $300 million purchase last week occurred as ETH rebounded above $3,000, with the company maintaining its cash reserves at $1 billion.

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