BitMine Immersion Technologies Inc. (NASDAQ:BMNR) purchased 111,942 Ethereum (CRYPTO: ETH), saying the recent pullback is an attractive opportunity.

‘Alchemy Of 5%'

Bitmine's Ethereum holdings climbed to 5.39 million ETH, worth $11.5 billion, giving the company control of roughly 4.47% of Ethereum's total circulating supply.

The firm said its combined crypto, cash and "moonshot" investments now total $12.3 billion.

The company added 111,942 ETH over the past week, continuing what Chairman Tom Lee called an aggressive accumulation strategy.

"Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026," says Lee viewing the pullback below $2,200 as an attractive opportunity.

Bitmine has staked 4.71 million ETH, representing more than $10.1 billion in staked assets.

Buterin's 90% Networth Is ETH

Bitmine also highlighted its institutional staking platform, the MAVAN Made in America Validator Network, which it says could eventually generate about $276 million in annual staking rewards at current yields.

Lee reiterated his bullish Ethereum thesis, arguing ETH is benefiting from two major themes: increasing Wall Street tokenization activity and growing demand for neutral public blockchains from AI systems.

Crypto chart analyst Ali Martinez cited Vitalik Buterin who said that the Ethereum Foundation is shifting toward a leaner, long-term focused role, prioritizing only critical ecosystem functions instead of broad expansion efforts.

Buterin also reaffirmed his commitment to Ethereum, noting nearly 90% of his net worth remains in ETH, while broader ecosystem growth and capital support increasingly shift to larger organizations across the network.

Image: Shutterstock