BitMine doubles down on Ethereum dip

BitMine Ethereum buy reached 71,672 tokens worth roughly $154 million last week, reversing recent talk of a slowdown.

BitMine Immersion Technologies bought 71,672 ETH last week, a sharp reversal from its previous accumulation pace of just 26,659 tokens. The firm spent roughly $154 million as Ethereum slipped below $2,200, with Chairman Tom Lee framing the weakness as a buying window.

The purchase, announced on Monday, lifted total holdings to 5.28 million Ethereum tokens. That puts BitMine at 87% of its target to control 5% of ETH supply within 2026.

Tom Lee blames oil for Ethereum weakness

Lee told investors that ETH’s inverse correlation to oil is the highest ever recorded. “We view the recent pullback of ETH to below $2,200 as an attractive opportunity,” he said in the company’s update.

The chairman framed crude as the dominant force pressuring ETH over the past six weeks. Brent traded above $111 per barrel on Monday, up roughly 16% in a month on Middle East tensions and Strait of Hormuz risk.

BitMine’s total crypto and cash holdings now stand at $12.6 billion, including 202 Bitcoin, $685 million in cash, and equity stakes in Beast Industries and Eightco Holdings. Shares of BMNR fell almost 5% in early trading.

Staking revenue tops $289M annualized

The firm has staked 4.71 million ETH, more than 89% of its total position, generating $289 million in annualized revenue at a 2.80% seven-day yield. Lee said fully staked holdings under the MAVAN platform could produce $324 million per year.

Lee also addressed the CLARITY Act, which cleared the Senate Banking Committee 15-9 last week. He said BitMine believes the bill’s passage probability exceeds the 61% implied by Polymarket.

BitMine remains the world’s largest corporate ETH treasury and the second-largest digital asset treasury behind Strategy. The firm aims to hit the “alchemy of 5%” supply mark sometime in 2026, despite recent talk of moderation.