BitMine, the cryptocurrency mining and investment firm led by Tom Lee, has significantly expanded its Ethereum exposure through a new $103.5 million purchase and additional staking activity. On April 29, 2026, the company acquired 45,000 ETH via institutional custodians FalconX and BitGo, according to blockchain data from Lookonchain. The acquisition included 20,000 ETH ($45.85M) from FalconX's hot wallet and 25,000 ETH ($57.31M) from BitGo.
This latest buy is part of BitMine's aggressive accumulation strategy, which has seen the company acquire 417,483 ETH—worth nearly $1 billion—over the past 30 days. BitMine now holds a total of 5,078,388 ETH, valued at over $11.56 billion, making it the world's largest Ethereum holder. The company aims to reach 5% ownership of all Ethereum this year, a target that would halt the current weekly dilution of 6–9 million shares used to fund purchases.
In parallel, BitMine has staked an additional 106,200 ETH ($244 million), bringing its total staked holdings to 3,920,445 ETH ($8.97 billion), representing 77.2% of its total Ethereum reserves. With a 3% staking yield, the company could generate approximately 180,000 ETH annually. If Ethereum's price rises to $5,000, this would equate to $900 million in yearly revenue.
Despite the bullish outlook, near-term risks exist. Ethereum has faced resistance at $2,400 and formed a bearish flag pattern, suggesting possible downside. However, BitMine's dollar-cost averaging strategy locks in a lower average purchase price. The BMNR stock has also been consolidating in the $17–$18 range, forming a double-bottom and falling wedge pattern, with technicals hinting at a potential rebound to $30.
