Bitmine Makes Largest ETH Purchase of 2026 Amid Price Drop

Bitmine Immersion, led by chairman Tom Lee, made its largest Ethereum purchase of the year, acquiring 111,942 ether (ETH) last week for approximately $237 million. This purchase increases Bitmine's holdings to nearly 5.4 million ETH, representing about 4.47% of Ethereum's circulating supply. According to CoinDesk, the firm accelerated its buying pace to capitalize on ETH's price decline below $2,200, despite Lee's earlier suggestion to slow down acquisitions. Bitmine aims to control 5% of the supply by the end of 2026.