Bitmine Immersion Technologies, a company led by renowned analyst Tom Lee, continues to aggressively pursue its Ethereum accumulation strategy, having recently purchased approximately 25,000 ETH worth nearly $41 million. This latest move demonstrates that the company's ambition to build the world's largest Ethereum reserve shows no signs of slowing down, despite the cryptocurrency market undergoing a significant correction.
According to on-chain data tracked by blockchain analytics platforms, the purchase occurred on Wednesday when the aforementioned ETH was transferred from the hot wallet of BitGo – a digital asset custody service partnering with Bitmine. Although the company has not yet made an official announcement about the transaction, the transactions recorded on the blockchain suggest that Bitmine has been steadily increasing its Ethereum holdings in recent days.
Within just three days, Bitmine reportedly purchased a total of approximately 125,000 ETH with a market value of around $205 million. This figure is nearly equivalent to the amount of Ethereum the company announced it purchased last week.
Previously, Bitmine revealed it had added 126,971 ETH to its corporate treasury, bringing the total value to approximately $207 million. Following that purchase, the company's total Ethereum holdings increased to 5.54 million ETH. This is a remarkably significant figure, representing approximately 4.59% of the total global Ethereum supply.
Tom Lee and Bitmine's long-term goal is to own 5% of the total ETH supply. With their current holdings, the company has already achieved approximately 92% of this goal. If they continue their recent pace of purchases, Bitmine could soon become the world's largest Ethereum holder outside of ETFs and large-scale Staking protocols.
Bitmine's Ethereum accumulation strategy was implemented amidst one of the most challenging periods for ETH prices since the previous bull cycle. Since the beginning of 2026, Ethereum has fallen by over 44%, trading around $1,640. This sharp decline has significantly reduced the book value of Bitmine's Ethereum portfolio.
According to market estimates, the company is currently recording unrealized losses of nearly $10 billion on its ETH holdings. However, Bitmine's management does not XEM this as a negative sign for Ethereum's long-term prospects.
Tom Lee has repeatedly asserted that the current price drop primarily reflects short-term market sentiment rather than fundamental factors within the Ethereum network. Therefore, instead of cutting positions, Bitmine is taking advantage of the low price phase to accelerate its buying activity.
This approach is quite similar to the strategy previously adopted by Strategy (formerly MicroStrategy) with Bitcoin. For many years, Strategy consistently bought more BTC during market downturns and became the world's largest Bitcoin holder. Now, Bitmine is trying to replicate that model, but with Ethereum.
Notably, the company is also expanding its Capital tools to support its long-term ETH accumulation plan. Earlier this month, Bitmine filed for a Series A perpetual preferred stock offering of 3 million shares with a fixed annual dividend of 9.5% based on a par value of $100 per share.
