Bitmine Immersion Technologies, the second-largest public crypto holding company, provided a detailed update on its Ethereum (ETH) strategy on Monday, along with broader figures covering its crypto portfolio, including total holdings and so-called “moonshots.”
The firm said its combined crypto-related positions now reach $13.3 billion, while a key focus for investors remains its Ethereum accumulation, which it says has hit a new high.
Bitmine targets 5% of Ethereum supply
According to according to Bitmine’s announcement, its ETH holdings reached a record 5,078,386 tokens at $2.369 per ETH. Thomas Lee, the company’s CEO, emphasized that the milestone was reached last week, noting that Bitmine “passed 5 million last week.”
He framed 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 “stunning,” with Bitmine hitting the 5 million mark in about 10 months.
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Lee also pointed to research that supports the idea of Ethereum as a “store of value.” He cited recent reports, including a study by Etherealize, arguing that ETH they can increasingly be held as collateral as digital assets become more involved in financial transactions.
In his view, Ethereum’s recent performance since the start of the Iran war has helped demonstrate that role. Lee claimed that ETH has outperformed the S&P 500 by 1,696 basis points since the start of the war and added that Ethereum remains the only the best performing asset in the worldexcept crude oil prices.
He argued that this dynamic reinforces the idea of ETH as a particularly resilient “wartime” asset, portraying it as significant and distinctive in relation to other assets.
In addition to valuation and performance, Lee linked Ethereum’s momentum to two larger trends. He said Ethereum is benefiting from Wall Street’s blockchain tokenization activity, as well as the rise of agent-based artificial intelligence (AI) systems that, in his framework, are increasingly demanding public and neutral blockchains.
Biggest purchase since December
As for the pace of trading itself, Lee said that Bitmine has maintained an increased rate of ETH purchases during each of the past four weeks, describing it as evidence of a continued accumulation strategy even amid volatile market conditions.
He said that in the last week, the company bought 101,901 Ethereum, calling it the biggest buying pace since the week of December 15, 2025. Lee also linked the buying strategy to what he called Bitmine’s base casestating that ETH is in the final stages of a “mini-crypto winter”.
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The company also detailed its share position. As of April 26, 2026, Bitmine reported its total staked ETH to be 3,701,589 tokens, which it valued at $8.8 billion using a price of $2,369 per ETH. With that figure, Bitmine said its annual revenue from stakes now stands at $264 million.
At the time of writing, Ethereum was trading at $2,292. Despite improving market conditions, it bounced back 3% on Monday after failing to break above the $2,400 resistance level.
Featured image from OpenArt, chart from TradingView.com
