Tom Lee“s BitMine Immersion Technologies has made headlines by purchasing 20,000 ETH from the Kraken exchange, marking a significant step in its ongoing accumulation strategy. This latest acquisition, valued at approximately $65.4 million, brings BitMine”s total Ethereum holdings to over 4.21 million ETH, which is worth around $13.9 billion.
The purchase, executed on January 17, 2026, forms part of a larger spree in which BitMine has acquired 44,068 ETH in just three days, totaling around $146 million. This aggressive accumulation approach positions BitMine as the holder of the largest Ethereum treasury globally, reinforcing its ambitions to capture 5% of the entire ETH supply.
BitMine”s strategy includes capitalizing on price fluctuations in the Ethereum market, with prices hovering around $3,300 during this acquisition. The company views Ethereum as a vital reserve asset, integral to its broader financial and staking strategies.
Notably, BitMine engages in large-scale staking of its ETH holdings, generating substantial income. The company estimates its staking activities yield over $400 million in annual pre-tax income. However, this extensive staking has contributed to Ethereum network congestion, resulting in lengthy waiting periods for new validators attempting to join the network, which currently exceeds 44 days.
Support from shareholders has bolstered BitMine”s expansion efforts. A recent vote authorized an increase in the number of authorized shares, enabling further purchases of ETH and strategic investments. This move is part of a comprehensive plan to enhance its treasury and diversify into various financial sectors.
In a notable expansion beyond cryptocurrency, BitMine recently announced a $200 million investment in Beast Industries, a company founded by popular YouTuber MrBeast. This investment aims to integrate Web3 principles with traditional business models, extending BitMine”s footprint into the digital content and financial services sectors.
With these strategic initiatives, BitMine is not only increasing its presence within the Ethereum ecosystem but also diversifying its investments across emerging technologies and digital assets.
