Bitmine Flexes Another 71K ETH Bag — Now Controls Nearly 4% of Total Supply

Bitmine Immersion Technologies just dropped another whale-sized bid on Ethereum, and at this rate, they’re not just buying ETH—they’re drafting a hostile takeover of the entire supply curve.

The firm vacuumed up 71,179 Ether last week—its biggest weekly splurge of 2026 so far, clocking in at a cool $147 million. That’s 309,000 ETH stacked over five weeks of FOMO-free accumulation, plus the 238,244 they already hoovered in March like it was Black Friday at the ETH mall.

With a fresh bag of 4,732,082 ETH, Bitmine now controls roughly 3.92% of Ethereum’s 120.7 million circulating supply. That’s 78% of the way to their self-anointed “Alchemy of 5%” goal—because why just moon when you can alchemize the entire planet into a staking vault?

“Bitmine’s been hitting the gas each of the last four weeks because our base case is ETH is brushing off the last snowdrifts of this mini-crypto winter,” Chairman Tom Lee said Monday, casually implying the firm has a weather app for market cycles.

Staking Machine Mode Activated

The accumulation isn’t just for show—this is staking on industrial steroids. Bitmine has locked 3,142,643 ETH (about 66% of its stash) into Ethereum’s validator layer, a $6.3 billion war chest now printing an estimated $177 million in annual staking dough. At full scale, that could hit $266 million—basically a passive income scheme so efficient it makes rental properties look like lemonade stands.

And because hoarding ETH wasn’t spicy enough, the firm launched MAVAN (Made in America VAlidator Network), an institutional-grade staking platform for whales who want to outsource their validator ops to a team that clearly believes in “Made in USA” merch—just swap the trucks for GPUs.

The balance sheet reads like a degen’s fantasy draft: $10.7 billion in total assets, including $961 million in cold hard cash, a $200 million stake in Beast Industries (yes, that’s a real name), and $102 million in Eightco Holdings—presumably named after the founder’s eighth failed startup that finally paid off.

Lee's Oil Correlation Thesis

Tom Lee’s latest thesis? Crypto and oil are dancing the inverse tango. “Until equities stop sweating oil prices, rising crude is a wet blanket on both stocks and crypto,” he said. “The crypto winter ends when oil’s upside risk peaks—so pump the barrels, not the DeFi tokens.”

Despite the macro drama, Ethereum’s been flexing: up 1,160 basis points on equities recently while gold—yes, actual gold—got absolutely left in the dust by over 750 basis points. Looks like digital rock beats shiny yellow rock in the 21st century.

BMNR Stock Joins the Pump

As if on cue, Bitmine’s stock BMNR caught a bid, trading at $19.25—a 4.68% pop on the day. Market cap now sits at $8.36 billion, because nothing says “confidence” like watching your CEO treat ETH like it’s going out of style.

Meanwhile, Strategy Dominates Bitcoin Treasury

Over in Bitcoin land, Michael Saylor’s Strategy remains the one-man army of BTC accumulation, buying 45,