Bitmine Immersion (NYSE:BMNR) made its largest weekly Ethereum (CRYPTO: ETH) purchase of 2026, buying 126,971 ETH worth roughly $214 million as prices tanked, reversing its earlier stance to slow accumulation.

Biggest Weekly ETH Purchase Of 2026 Despite Earlier Slowdown Call

The 126,971 ETH acquisition triples the prior week’s 26,497 ETH purchase and brings total holdings to 5.54 million ETH, representing 4.59% of Ethereum’s total supply. 

The company now sits 92% of the way toward its stated goal of owning 5% of ETH’s circulating supply, which Chairman Tom Lee said the company expects to reach later this year.

“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” Lee stated. 

“This is not surprising given we are in the early stages of crypto spring,” he added.

Total holdings including cash and investment stakes reach $9.6 billion. Beyond ETH, Bitmine holds 204 Bitcoin (CRYPTO: BTC), $247 million in cash, a $180 million stake in Beast Industries, and an $88 million stake in Eightco Holdings (NASDAQ:ORBS), one of the only publicly listed equities providing indirect exposure to OpenAI.

Staking Revenue Now Projected At $230M Annually Through MAVAN

Bitmine has staked 4,718,677 ETH worth $7.7 billion at current prices through its MAVAN institutional staking platform. 

Annualized staking revenues now project at $230 million based on the current 2.99% seven-day yield. Lee said at full scale, projected ETH staking rewards approach $270 million annually.

Bitmine’s institutional backers include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, along with personal investor Tom Lee. 

The stock ranks 148th most traded in the US by dollar volume, averaging $829 million per day over the past five sessions.

BMNR Wicked Below $16 Before Recovering To $16.58

BMNR swept below the critical $16 structural floor before recovering 4% to $16.58, a potential liquidity sweep of the range bottom. 

The full EMA stack sits bearishly overhead with the 20 EMA at $18.84, 50 EMA at $20.33, 100 EMA at $22.86, and 200 EMA at $25.57 all acting as resistance.

A daily close below $16 confirms the sweep failed and accelerates a move toward $14 to $13. 

Reclaiming and holding above the 20 EMA at $18.84 targets $20.33 to $22.86 on a channel breakout attempt.

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