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Bitmine Bought Another 71,672 ETH “at the Bottom”
Public corporation Bitmine Immersion Technologies reported on the structure of its treasury reserves.According to the company’s report, it purchased another 71,672 $ETH over the past week.
The combined value of the organization’s cryptocurrency holdings, cash reserves, and venture investments reached $12.6 billion.
Buying the Dip
As of May 17, Bitmine held approximately 5.278 million $ETH, with an average estimated value of $2,191 per coin.
According to the document, these reserves are equivalent to 4.37% of the total circulating supply of Ethereum ($ETH).
In addition to Ether, Bitmine’s treasury includes 202 BTC and $685 million in free cash reserves.
The high-risk venture investment category includes a $200 million stake in Beast Industries and an $83 million equity position in Eightco Holdings.
Last week, the company acted more modestly, purchasing only 26,659 $ETH after a series of large-scale acquisitions exceeding 100,000 coins.
Management aims to secure ownership of 5% of Ethereum’s total supply by the end of the current year, calling this milestone “internal financial alchemy.”
Long-Term Drivers
Against this backdrop, Ethereum fell nearly 3% over the past 24 hours to $2,122, according to CoinMarketCap.
Bitmine chairman Tom Lee commented on the current price pressure affecting the second-largest cryptocurrency by market capitalization.
In his view, the main negative factor is rising energy prices.
“The inverse correlation between Ether and oil is currently at a historic maximum, which is why the rise in commodity markets over the past six weeks triggered the price decline. A reversal in oil prices should spark a rapid recovery in the crypto market,” he noted.
Lee described the current fluctuations as “short-term tactical noise.”
Source: Tom Lee.
He added that the fundamental growth drivers for Ethereum in 2026 remain the global tokenization of real-world assets (RWA) and the development of AI-agent infrastructure.
Balance of Power
According to CoinGecko, the corporate reserves of 32 companies collectively hold around 7.2 million $ETH.
Together, they control 5.97% of the coin’s total supply.
Bitmine remains the leader on the list.
The closest competitor, SharpLink, holds 863,424 $ETH on its balance sheet, while Ethere Machine rounds out the top three with control of 495,362 $ETH.
See also: "Bitcoin Holds Near $77K After Four Consecutive Days of Declines"
