The firm accelerated ether accumulation despite earlier plans to slow buying, lifting holdings to 5.4 million tokens.
Bitmine Immersion acquired 111,942 ether (ETH) last week for $237 million, its largest purchase since December. The move increased its total holdings to nearly 5.4 million tokens, or 4.47% of Ethereum’s circulating supply.
The firm reversed course after chairman Tom Lee suggested in May it would reduce weekly accumulation. The shift follows ETH’s drop from $2,400 in early May to near $2,100, which the company called an opportunity to accelerate purchases.
Bitmine now holds $12.3 billion in crypto and cash, with over 4.7 million staked ETH generating $276 million in annualized staking revenue. The firm aims to control 5% of ETH supply by late 2026.