BitMine Immersion Technologies, already the largest corporate holder of Ethereum in the world, has poured another $200 million into ETH, using the market downturn to further expand its already massive position. The company, chaired by Fundstrat co-founder Tom Lee, is continuing its aggressive accumulation strategy even as Ethereum trades well below the firm’s average buy price.
Aiming for 5% of All Ethereum
With today’s buy, BitMine now controls approximately 3.63 million ETH, equal to about 3% of the entire circulating supply. The company has repeatedly stated its long-term goal of owning 5% of all Ethereum, positioning itself as the dominant institutional force in the ETH ecosystem.
Its latest purchases were timed directly with the recent price drop, part of a deliberate strategy to “buy the dip” whenever market liquidity weakens. BitMine funds these large acquisitions using a mix of:
- internal cash reserves
- stock issuance
- revenue from its Bitcoin mining operations
This approach has made BitMine the second-largest crypto treasury company globally, trailing only Strategy, but it is the clear leader for Ethereum exposure.
Tom Lee Responds to Market Fear
With Ethereum recently falling below $3,000, BitMine is now sitting on over $4 billion in unrealized losses, given its average cost basis of $4,009 per ETH. Despite this, Tom Lee remains publicly optimistic, framing the downturn as a temporary liquidity flush rather than a structural problem.
He reiterated his long-standing Ethereum supercycle thesis, projecting potential upside toward $7,000 and beyond as long-term adoption accelerates and institutional inflows begin to scale.
New Strategy to Support Investors
BitMine’s stock (BMNR) has fallen nearly 80% from its July peak, prompting the company to roll out new shareholder-focused initiatives designed to stabilize confidence:
- Made-in-America Validator Network (MAVAN):
Launching in early 2026, this national validator cluster will use BitMine’s ETH holdings to generate yield and dominate U.S.-based staking infrastructure. - Annual Dividend:
BitMine will introduce a $0.01 per-share dividend, becoming one of the first major crypto-focused companies to offer a recurring payout to shareholders.
BitMine’s combination of aggressive buying, infrastructure expansion, and shareholder alignment signals that the company is not backing away from Ethereum, it’s doubling down.
