Bitmine Immersion Technologies, known as the world’s largest Ethereum treasury company, acquired an additional 101,745 ETH last week for more than $240 million, increasing its total holdings to 5.18 million tokens – as Chairman Thomas “Tom” Lee declared the new crypto cycle has quietly begun.
According to the company’s official press release via PR Newswire, the purchase includes 10,000 ETH acquired directly from the Ethereum Foundation in over-the-counter transactions at an average price of $2,292 per token, bringing Bitmine’s cumulative ETH position to 5,180,131 tokens, representing approximately 4.29% of Ethereum’s total circulating supply of 120.7 million coins. The company is currently 86% of the way toward what it calls “5% Alchemy,” its stated goal of controlling 5% of all ETH in existence.
Lee calls cycle turn
In the company’s May 4 update, Lee portrayed the moment with conviction. “In our view, the crypto spring has begun,” he said in a release. “As in past cycles, investor sentiment and beliefs remain bearish and bearish despite rising crypto prices.” This declaration reflects a pattern seen in previous bull markets, where macro skepticism and subdued retail sentiment coincide with a structural shift in institutional positioning.
Lee specifically pointed to two long-term factors supporting his bullish theory on Ethereum. The first is the accelerating trend of Wall Street financial institutions tokenizing their financial assets on blockchain rails. The second is the rise of agentic AI systems, which in his view will increasingly require public, neutral blockchains for payments and verification. Lee believes this is a use case where Ethereum is positioned as the default infrastructure layer.
large scale staking machine
Bitmine has gone beyond accumulation and built an operation that generates commensurate returns. As of May 3, the company has staked 4,362,757 ETH, more than 84% of its total assets, through MAVAN (Made in America Validator Network), a staking platform for institutional investors launched in early 2026. According to the press release, annual staking revenue is currently $297 million, with annual rewards expected to be $352 million once fully deployed at 2.91% of Bitmine. 7-day yield rate.
The company’s investor base reflects the size of its bets. ARK’s Cathie Wood, Founders Fund, Pantera, Galaxy Digital, Kraken and DCG are all listed as institutional investors, according to the release.
As of this writing, Ethereum is trading at around $2,336, still about 52% below its all-time high of $4,946 hit last August, but Lee says this gap represents exactly the kind of undervaluation that has historically preceded generational change in this emerging sector.
ETH's price records some bullish momentum on the daily chart. Source: ETHUSD chart on Tradingview
Cover image from ChatGPT, ETHUSD chart from Tradingview
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