Tom Lee’s Bitmine (BMNR) bought $237 million worth of ether (ETH) last week

Bitmine Immersion (BMNR), the Ethereum treasury firm helmed by chairman Tom Lee, ramped up purchases again, making its biggest haul since December.

The company said Monday it bought 111,942 ether (ETH) last week, worth around $237 million at current prices. That lifted the firm’s holdings to almost 5.4 million ETH, about 4.47% of Ethereum’s circulating supply.

The purchase marks a renewed acceleration in Bitmine’s buying pace after Lee said earlier in May at Consensus 2026 in Miami that the company planned to slow weekly accumulation. The shift happened as the firm aims to take advantage of ETH sliding from $2,400 in early May and April to near $2,100.

“We continue to steadily acquire ETH,” Lee said in the statement. “We view the recent pullback of ETH to below $2,200 as an attractive opportunity.”

Lee added that the firm is expected to reach its goal to corner 5% of ether’s supply later in 2026.

Bitmine’s total crypto and cash holdings stand at $12.3 billion, according to the report. The company also holds 203 bitcoin, $444 million in cash and equity stakes including investments in Beast Industries and Eightco Holdings.

The firm said it has staked more than 4.7 million ETH — about 87% of its holdings — generating approximately $276 million in annualized staking revenue.