Tom Lee's BitMine Executes Largest Ethereum Purchase to Date in 2026

BitMine Immersion Technologies Expands Ethereum Holdings

BitMine Immersion Technologies, a prominent Ethereum treasury company, has announced the acquisition of an additional 40,302 ETH—worth approximately $116 million—over the past week.

This latest purchase marks the firm’s most significant Ethereum investment in 2026, both in terms of ETH quantity and dollar value at the time of the announcement. With this acquisition, BitMine’s total Ethereum reserves have reached 4,243,338 ETH, valued at about $12.2 billion based on current market prices.

According to the company, the ETH to BTC price ratio (ETHBTC) has been on an upward trend since mid-October. They attribute this to increasing investor awareness of Ethereum’s foundational role in tokenization and other financial innovations being adopted by major Wall Street institutions.

Although the ratio dipped last week—Bitcoin declined by 5.5% while Ethereum dropped by 9.5%—BitMine remains optimistic about Ethereum’s growing adoption and its significance in industry shifts such as the tokenization of real-world assets. The company pointed to recent discussions among financial leaders at the World Economic Forum in Davos as evidence of this trend.

Reflecting on the evolution of technology, Lee, a representative of BitMine, noted, “Back in 2016, the focus at Davos was on artificial intelligence and the fourth industrial revolution. Over the past decade, we’ve seen explosive growth in AI, data centers, and major strategic shifts by nations.”

Looking ahead, Lee added, “We believe that 2026 will be remembered as the year when global policymakers and leaders recognize digital assets as central to the future of finance. Ethereum continues to be the most widely adopted blockchain by Wall Street and has operated with zero downtime since its launch.”

Currently, BitMine controls over 3.5% of all circulating Ethereum. The company also increased its staked ETH last week, bringing its total to 2,009,267 ETH—valued at roughly $5.8 billion—which is nearly half of its entire Ethereum holdings. By staking, BitMine helps secure the Ethereum network and receives rewards in return.

While BitMine presently collaborates with three staking service providers, it plans to introduce its own validator network, the Made in America Validator Network (MAVAN), in early 2026. Once all its ETH is staked, the firm expects to generate more than $1 million daily in staking rewards.

Despite these developments, BitMine’s stock (BMNR) has dropped about 3.3% at the start of the week and is down over 10% in the past five trading days, recently trading at $27.82. Meanwhile, Ethereum’s price has slipped 0.6% in the last 24 hours to $2,908, which is still more than 40% below its all-time high of $4,946 reached in August.