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The Ether buying institution Bitmine Immersion Technologies has made its biggest acquisition truthful acold successful 2026 arsenic its chairman, Tom Lee, doubled down connected the thought of an impending crypto supercycle.
Lee said Tuesday that successful the past week, Bitmine bought 111,942 Ether (ETH) aft a caller pullback sent the token beneath $2,200 and presented an “attractive opportunity.” Ether has traded betwixt $2,025 and $2,147 implicit the past 7 days.
He besides reiterated his mentation of a supercycle up for crypto and Ether, driven by Wall Street’s involvement successful tokenization and artificial intelligence-powered agents.
“We proceed to expect a supercycle up for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic AI. And thus, we proceed to steadily get ETH, with Bitmine present owning astir 5.4 cardinal ETH tokens,” Lee said.
Source: Bitmine
Bitmine slowed its gait of Ether buys earlier this month aft having scooped up implicit 100,000 ETH a week for 3 consecutive weeks. It is the largest Ether treasury institution and has consistently bought crypto, adjacent during marketplace downturns, pursuing a concern exemplary akin to Michael Saylor's Bitcoin treasury steadfast Strategy.
Bitmine’s extremity is to clasp 5% of Ether’s circulating proviso of 120.7 cardinal tokens. To scope its people of much than 6 cardinal ETH, Bitmine needs astir 644,596 ETH, which Lee said volition hap sometime this year.
Ether treasury firms leaning into staking
Bitmine has staked implicit $4.7 cardinal of its Ether, according to the company, and expects to make annualized staking revenues of $276 million.
Related: Bitmine’s Tom Lee hints astatine banal tailwinds aft steadfast considered for Russell 3000
Staking infrastructure supplier Everstake said successful a study Tuesday that Ether treasury companies are nether unit to make gross from staking and different output strategies arsenic the entreaty of nationalist companies conscionable holding the plus has been weakened by involvement successful spot crypto exchange-traded funds.
Across the wider ecosystem, the magnitude of staked Ether has deed a caller high, with much than 39.2 million, oregon astir 32.19% of the supply, locked successful and different 3.3 cardinal waiting successful the wings, according to the Ethereum Validator Queue. At the aforesaid time, the exit queue has astir 234,368 Ether waiting to leave.
Over 39.2 cardinal Ether is presently staked. Source: Ethereum Validator Queue
Ether reached an all-time precocious of $4,946 successful August 2025 but has since fallen implicit 58%. Lee antecedently argued that Ether’s steep drawdowns whitethorn connection a buying opportunity.
Magazine: Polymarket seeks Japan entry, Harvard dumps full ETH position: Hodler’s Digest, May 17 – 23
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