BitMine Immersion Technologies, the leading Ethereum treasury company by total holdings, announced Monday that it completed its largest weekly Ethereum acquisition of 2026 so far, pushing its cumulative holdings past the 5 million ETH mark.
The company added 101,901 ETH over the past week, narrowly surpassing the prior week's purchase of 101,627 ETH to set a new single-week record for the firm this year. Last week's total included a 10,000 ETH over-the-counter transaction with the Ethereum Foundation, which disclosed the sale on Friday.
In total, BitMine now holds 5,078,386 ETH, a position currently valued at approximately $11.75 billion.
"This is a major milestone as the company moves towards acquiring 5% of the ETH supply," said BitMine Chairman Tom Lee in a statement.
Ethereum has been roughly flat over the past week, recently trading around $2,315, though it has gained approximately 16% over the last 30 days according to data from CoinGecko. Analysts have attributed part of the recent rally to a Middle East ceasefire that has boosted investor appetite for risk assets.
Despite the recent uptick, the second-largest cryptocurrency by market capitalization remains more than 53% below its all-time high of $4,946, set last August — around the same time BitMine began aggressively accumulating ETH.
Even so, Lee expressed confidence that the prolonged downturn is beginning to reverse. "Several recent research reports, including the latest research by Etherealize, argue ETH is a 'store of value' and will be held as collateral as digital assets are increasingly used in financial transactions," he said in a statement.
Lee also pointed to Ethereum's relative performance during recent geopolitical turbulence as evidence of its emerging role. "This new role for ETH has arguably been demonstrated by its outperformance since the Iran War commenced. ETH has outperformed the S&P 500 by 1,696 basis points since the war started and remains the single best performing asset in the world (beside crude oil prices)," he added.
BitMine's stock, trading under the ticker BMNR, was down slightly on the day, dipping 0.3% to a recent price of $22.08.
Why it matters
BitMine Chairman Tom Lee has stated the company is working toward acquiring 5% of the total ETH supply — a concentration target that frames the firm's ongoing weekly purchases as part of a long-term strategic accumulation plan rather than opportunistic trading.
The company cited ETH's outperformance of the S&P 500 by 1,696 basis points since the start of the Iran War as evidence supporting its thesis that ETH is emerging as a store-of-value asset held as collateral in financial transactions.
