BitMine's Tom Lee Goes Full Degenerate Mode: Snags 71K ETH This Week Alone, Now Holds Nearly 4% of Total Supply

BitMine Immersion Technologies just pulled off what might be the most aggressive ETH buying spree of 2026. The company acquired 71,252 ETH in the past week—the biggest weekly purchase of the year and its fastest pace since December 2025. For context, that's roughly the entire treasury of a mid-cap altcoin project disappearing into Tom Lee's diamond hands in just seven days. Nobody tell the ETH supply.

Chairman Tom Lee confirmed the firm has been on an elevated buying streak for four consecutive weeks. Total holdings now sit at 4,803,334 ETH, valued at approximately $10.2 billion at current prices. That's roughly 3.98% of Ethereum's entire circulating supply, pushing BitMine over 79% toward its ambitious "Alchemy of 5%" target. At this rate, Lee might literally buy himself a governance vote on Ethereum's future. The man isn't just stacking ETH—he's building a personal ETH ETF with a CEO face.

The company reported total crypto, cash, and "moonshot" holdings of $11.4 billion. This includes $864 million in cash, a $200 million stake in Beast Industries, and a $92 million position in Eightco Holdings. BitMine also holds exposure through ORBS equity, which offers investors linked exposure to OpenAI-related developments. So to summarize: BitMine is basically a hedge fund that accidentally became a corporate ETH whale while holding random tech bets that might print or go to zero. Pure degen energy with a quarterly report.

Staking operations are scaling fast. As of April 6, 2026, BitMine has 3,334,637 ETH staked—about 69% of total holdings—worth roughly $7.1 billion. Lee claims BitMine has staked more Ethereum than any other entity globally. Annualized staking revenue stands at $196 million, with potential rewards reaching $282 million at full scale using the 2.78% seven-day BMNR yield. That's not a staking strategy—that's a printing press with a Twitter account. Someone check if Vitalik has more ETH staked than this publicly traded company. Actually, don't. We can't handle that disappointment.

BitMine is also making moves in traditional markets. The company confirmed approval to uplist to the New York Stock Exchange. Trading on NYSE American will end after market close on April 8, 2026, with BMNR debuting on the NYSE on April 9 under the same ticker. That's right, degens—the company with more ETH than some countries now gets to ring the opening bell in Manhattan. Wall Street meets the blockchain. May both parties be confused about what the other one does.

BMNR stock responded positively, trading at $20.32—up 4.52% or $0.88. The stock has a yearly range between $3.20 and $161.00, with a market cap of $8.86 billion and average daily volume around 46.79 million shares. For those keeping score at home, that's a 5,031% gain from the bottom and only an 87% drop from the top. Pure volatility theater, exactly as crypto markets demand.

Lee also commented on broader market conditions amid the U.S.-Iran tensions, noting ETH has outperformed equities by 1,130 basis points while gold lagged behind by 1,840 basis points. At the time of writing, Ethereum was trading at $2,145, up 5.75% in the past 24 hours. In other news, Tom Lee is currently typing this from his yacht, possibly while staring at a Bloomberg terminal and a TradingView chart simultaneously. The man isn't just bullish on ETH—he's writing poetry about it in the quarterly earnings call.