Bitmine buys 28k ETH, completes 97% of treasury accumulation goal

While Bitmine’s completed 97% of its goal to acquire 5% of Ether’s supply, Tom Lee’s team faces a $5.1 billion unrealized loss on its main treasury asset.

Bitmine Immersion Technologies, the largest corporate Ether holder, announced another purchase of the second-biggest crypto, bringing the company closer to management’s goal of accumulating 5% of the total supply.

Bitmine acquired 28,086 Ether (ETH) last week, according to a Tuesday announcement, which is currently worth about $69.5 million. The purchase brings Bitmine’s total holdings to 5.93 million Ether acquired at an average price of $2,495 per ETH. 

Bitmine reported $15.7 billion in total assets, including $593 million in marketable securities, cash, other crypto holdings and 5.1 million in staked ETH, which is expected to generate $330 million in annualized staking revenue.

Following the purchase, Bitmine said it completed 97% of its goal to acquire 5% of the total Ether supply within 15 months. Led by chairman Tom Lee, the company announced a 53,501 ETH acquisition last week, pushing its holdings to account for 4.9% of Ethereum’s 120.7 million circulating supply.

Bitmine ranks as the world’s largest publicly listed Ether treasury. The company is currently facing $5.1 billion in unrealized losses on its ETH holdings, according to Dropstab data. Ether’s price fell 16% since the beginning of 2026 and was trading at $2,469 at 1:29 pm UTC on Tuesday, according to CoinMarketCap.

The company’s NYSE-traded BMNR stock price was down more than 2% at Tuesday’s market open, poised to extend its year-to-date decline into double digits, according to Yahoo Finance. 

Related: Tom Lee says ‘mini crypto winter’ is over, sees Ether above $60K

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