BitMine Immersion Technologies has solidified its position as the largest Ethereum treasury company by holdings, with nearly 5 million ETH on its books following its largest weekly purchase of 2026 in which it added 101,901 ETH. The company, chaired by Fundstrat's Tom Lee, has simultaneously been accelerating its staking strategy. As of Thursday, approximately 83% of its cumulative ETH holdings, around 4.19 million coins worth roughly $9.5 billion, are now staked, up from approximately 70% the previous week. The aggressive staking posture serves two purposes: it generates ongoing validator rewards that provide income during periods of price volatility, and it reduces the liquid supply available for selling, creating a structural holding commitment that supports the company's long-duration accumulation thesis.

The relationship between BitMine and the Ethereum Foundation has become one of the more unusual dynamics in the crypto market. The Foundation is selling ETH through OTC transactions to fund its operational budget, and BitMine is the willing institutional buyer absorbing that supply without putting it into the open market. For BitMine, buying directly from the Foundation through structured OTC deals avoids the price impact of large open-market purchases. For the Foundation, it provides a reliable institutional counterparty for treasury management without triggering the negative sentiment that open-market selling historically generates. The pattern of three consecutive OTC sales to the same buyer within weeks suggests the arrangement has become a structured ongoing relationship rather than a series of coincidental transactions.