Bitmine added $92 million of ETH, with Tom Lee continuing to believe in 'crypto spring'

The largest Ethereum treasury company is still buying ether (ETH) but it has slowed its pace as it nears the goal to accumulate 5% of the second-largest crypto's supply.

Bitmine Immersion Technologies (BMNR) said it bought 52,203 ether (ETH) last week, extending a buying streak that has made it one of the few remaining large-scale buyers of crypto assets.

The purchase, worth roughly $92 million based on ETH's current price of around $1,760, lifted Bitmine's holdings to 5.67 million ETH. That stash is now worth nearly $10 billion and represents 4.7% of Ethereum's circulating supply. The firm's cash and marketable securities stood at $601 million.

The latest acquisition was smaller than the previous week's and the week before, but keeps BitMine on pace to reach its long-standing goal of acquiring 5% of Ethereum's supply later this year. The company said it is now 94% of the way toward that target.

"We continue to maintain a steady pace of accumulation throughout 2026," Bitmine Chairman Thomas "Tom" Lee said in a statement.

The company is also expanding the financing toolkit supporting that strategy, issuing dividend-paying preferred shares despite pressure on similar products by bitcoin-centric firms like Strategy (MSTR).

Earlier this month, Bitmine raised roughly $274 million through the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock. The preferred shares, which trade on the New York Stock Exchange under the ticker BMNP, pay weekly cash dividends.

Lee has argued that the company's staking operation provides recurring cash flow to support those obligations. Bitmine currently has 4.72 million ETH staked — more than 83% of its holdings.

The company projects annualized staking revenue of roughly $223 million, with potential staking rewards reaching $268 million annually through its MAVAN staking platform.

The firm announced another round of scheduled dividend payments extending through August, paying $0.1847 per shares.

Crypto spring

Lee reiterated his view that the crypto market is in the early stages of a recovery from the downturn that began with the October 2025 liquidation shock.

At Consensus Miami last month, he argued the bear market would be "definitely" over if bitcoin closed May above $76,000. Instead, BTC finished the month below $74,000 before briefly falling under $60,000 in early June.

Still, Lee said the recent pullback has not changed his broader outlook.

"We believe we are in the early stages of crypto spring," he said.

Lee also reaffirmed his long-term bullish stance on Ethereum, arguing that growing demand from tokenization and artificial intelligence applications will drive adoption of the network in the years ahead.