BitMine bought roughly $238 million worth of Ethereum (ETH) over the past week, its largest buy of the year, lifting holdings to 4.47% of the token's supply.

Key Points:

• BitMine acquired 111,942 ETH last week, valued at about $238 million at $2,134 per token.
• The purchase brings total holdings to 5,390,404 ETH, or 4.47% of Ethereum's 120.7 million circulating supply.
• Chairman Tom Lee called the dip below $2,200 an attractive entry point and reaffirmed the 5% target for 2026.

BitMine Ethereum Treasury Expansion

BitMine Immersion Technologies disclosed the purchase in a Tuesday update, framing the recent market pullback as a buying window.

The company, the world's largest Ethereum treasury, picked up 111,942 ETH last week. That marks its biggest ETH-denominated buy of 2026.

Total crypto and cash holdings now stand at $12.3 billion. The figure includes 5,390,404 ETH, 203 Bitcoin (BTC), a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings, and $444 million in cash.

The buy moves BitMine to 89% of its stated goal of owning 5% of Ethereum's 120.7 million supply, a milestone the firm expects to reach sometime in 2026. The company has also staked about 4.71 million ETH, worth roughly $10.1 billion.

Also Read: Ethereum Network Empties Out As Staking Locks A Record 32% Of Supply

Tom Lee Supercycle Outlook

Chairman Tom Lee said the firm continues to expect a supercycle for crypto, driven by Wall Street tokenization and agentic AI. He had earlier signaled BitMine might slow its weekly accumulation, but instead leaned in as prices fell.

That decision matters because it shows treasury firms treating volatility as opportunity rather than risk.

Not every analyst shares the optimism.

Analyst Ali Martinez warned that ETH has traded inside a multi-year range since 2021 and recently faced a clean rejection at the structure's midpoint.

He pegged $1,850 as the critical level, noting that a weekly close below it would likely accelerate the downside.

To invalidate the bearish case, he said ETH must reclaim the 200-week simple moving average near $2,500 and break above the 50-week SMA around $3,100.

Ethereum has spent much of May under pressure. The token slid from about $2,400 toward $2,100 over the month, down roughly 9% from its recent high, and was trading near $2,075 at the time of BitMine's latest report.

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