Leading Ethereum treasury firm BitMine Immersion Technologies made its largest ETH-denominated purchase of 2026 last week, adding 126,971 ETH or around $214 million worth of the second-largest cryptocurrency by market cap.
Ethereum has rebounded around 4% in the last 24 hours, but has still fallen nearly 15% in the last week of trading, recently changing hands around $1,686.
“We believe ETH prices should not be coming under pressure,” Lee added.
As a result of its latest purchase, BitMine’s treasury has expanded to 5,543,872 ETH valued around $9.3 billion. From its total haul, around 85% is currently staked via its Made-in-America Validator Network (MAVAN), providing it with projected staking revenues of around $230 million annually.
If it were to stake its entire balance, it projects it would annualize around $270 million, according to Lee.
