The two preceding weekly purchases totaled 101,901 ETH and 101,627 ETH, respectively.
Ethereum News
Ethereum (ETH) treasury company BitMine Immersion Technologies acquired 101,745 ETH during the week ending May 4 for approximately $237.7 million, at an average price of $2,336 per token. It was the firm's third consecutive week purchasing more than 100,000 ETH.
The two preceding weekly purchases totaled 101,901 ETH and 101,627 ETH, respectively. The 101,901 ETH haul was the firm's single largest weekly acquisition since December 2025. BitMine's total holdings now stand at 5,180,131 ETH, equal to 4.29% of Ethereum's circulating supply of 120.7 million tokens. The company is 86% of the way toward its stated "alchemy of 5%" accumulation target.
Ethereum Foundation Sells $47M in ETH to BitMine
The week's total includes 10,000 ETH purchased directly from the Ethereum Foundation in an over-the-counter (OTC) transaction at an average price of $2,292 per coin, announced May 2. It was the second consecutive weekly OTC purchase from the Foundation at that volume. The Foundation has sold $47 million worth of ETH to BitMine in recent weeks, with the proceeds funding operations and community grants.
Of BitMine's ETH holdings, 4,362,757 tokens, or roughly 84%, are currently staked through MAVAN, the firm's institutional-grade validator platform. Staking generates approximately $297 million in annualized revenue at a 2.91% seven-day yield. At full deployment, projected annual staking revenue would reach $352 million.
BitMine's total portfolio, including cash and equity stakes, stands at $13.1 billion. That figure comprises 5,180,131 ETH, 200 BTC, a $200 million stake in Beast Industries, an $83 million stake in Eightco Holdings, and $700 million in cash. By total ETH holdings, the firm is the largest public Ethereum treasury and the second-largest crypto treasury overall, behind Strategy Inc.'s 818,334 BTC.
Chairman Tom Lee said ETH is in the final stages of a "mini-crypto winter" in a May 4 statement. He cited Ethereum's outperformance of the S&P 500 by 1,380 basis points since the onset of geopolitical tensions. Lee added that agentic AI systems increasingly rely on public and neutral blockchains as a structural demand driver for ETH.
BitMine carries an estimated $6 billion unrealized loss on its holdings. The firm began accumulating ETH when the asset reached an all-time high of $4,946 in August 2025. Ethereum is currently trading roughly 52% below that peak, though it has gained nearly 14% over the past month. BitMine shares have risen approximately 15% over the same period.
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