Tom Lee bought $98 million worth of ETH right at the bottom. Bitmine now holds 3.7% of all Ethereum

“Ethereum’s price does not reflect its utility and long-term financial role” – Bitmine Immersion Technologies, March 2, 2026.

While most investors watched the geopolitical chaos and pulled out assets, Bitmine Immersion Technologies, a public company led by Tom Lee, went against the market. On March 2, the company disclosed a purchase of 50,928 ETH worth about $98.6 million, taking advantage of Ethereum’s brief dip below $1,900 in late February.
This is not an impulsive bet. This is part of a system strategy.

Alchemy of 5%

Bitmine has a goal that it calls the “Alchemy of 5%” – to accumulate 5% of the entire circulating supply of Ethereum. Today the company holds 4,473,587 ETH, which is 3.71% of the total supply of 120.7 million coins. This is 74% of the way to the goal. By comparison, Bitmine is already the largest institutional holder of ETH in the world – and ranks second among all crypto treasuries, behind only Michael Saylor’s Bitcoin Strategy.

Staking ETH and MAVAN

Of the 4.47 million ETH, about 3 million are staked. Annual staking revenue has already reached $172 million. The company is developing its own staking infrastructure, MAVAN (Made in America Validator Network), which should launch in the first quarter of 2026 and will allow Bitmine to completely get rid of third-party providers, capturing revenue directly.
Bitmine’s total portfolio, including crypto assets, cash and moonshot investments, reaches $9.9 billion – including $200 million in Beast Industries (MrBeast) and $14 million in Eightco Holdings.

📌 Key facts
▸ Purchase: 50,928 ETH for ~$98.6 million (March 2, 2026)
▸ Bitmine total: 4,473,587 ETH = 3.71% of the total supply
▸ Staking: 3,040,483 ETH staked, income – $172 million per year
▸ MAVAN: own validator network, launch in Q1 2026
▸ Total portfolio: $9.9 billion (crypto + cash + investments)
▸ Strategy: “Alchemy of 5%” – 74% of the way completed

What does this mean for the market

Bitmine removes millions of ETH from free circulation and puts them into long-term staking. This structurally reduces the liquid supply of Ethereum. If other corporate players join Bitmine’s strategy, the supply shortage will become a serious price catalyst in the next cycle of demand growth.

⚠️ The material is for informational purposes only and is not an investment recommendation.