Bitmine Buys $52M ETH, Tom Lee Says Fundamentals Strong:
Bitmine purchased another $52 million in Ether, with Chairman Tom Lee arguing its price is not yet ...
cointelegraph.com/news/bitmine-buys-more-eth-as-tom-lee-says-price-not-yet-showing-ethereums-strength
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Bitmine Grows Ethereum Holdings Amid Market ChallengesBitmine acquired 26,497 ETH worth $53M last week, holding 4.49% of circulating supply as of May 2026.
Key FactsJun 2, 2026 · Reading time: ~45 sec.
Summary created with AI assistance · Source: cointelegraph.com
Summary created with AI assistance · Source: cointelegraph.com
- Bitmine Immersion purchased 26,497 Ethereum last week, reducing its weekly acquisition pace by over 75%.
- The firm’s total Ethereum holdings reached 5.42 million ETH, nearing its goal of owning 5% of the circulating supply.
- Chairman Tom Lee stated that Ethereum’s price does not yet reflect its improving fundamentals during the early crypto market phase.
- Bitmine’s MAVAN staking platform generates approximately $258 million annually, with expected rewards approaching $300 million per year.
"ETH prices are not reflecting the strengthening of Ethereum fundamentals," Lee said Monday. "But then again, this is not surprising given we are in the early stages of crypto spring," he added.— Tom Lee, Chairman of Bitmine Immersion, on Monday at Consensus 2026.
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