Bitmine buys 28k ETH, hits 97% of 5% supply goal

Bitmine Immersion Technologies has acquired another 28,086 Ether, bringing its total holdings to 5.93 million ETH and completing 97% of its goal to accumulate 5% of Ether's circulating supply within 15 months.

Bitmine adds $69.5 million in ETH to its treasury. The company purchased the 28,086 ETH last week in a transaction currently valued at about $69.5 million. This latest buy, announced on Tuesday, pushes its holdings to 5.929 million ETH according to corroborating reports, representing 4.9% of Ethereum's 120.7 million circulating supply.

The purchase leaves the company approximately 171,000 ETH short of its 5% target. At its current pace of weekly buys since June 2025, the goal could be reached in less than seven weeks.

Company reports $15.7 billion in total assets with heavy staking. Bitmine's assets include $593 million in marketable securities, cash and other crypto holdings along with 211 BTC. Of its ETH, 5.067 million tokens representing 85% are staked, generating an annualized staking revenue of about $330 million at a 2.61% yield. Full staking would produce roughly $386 million in annual revenue.

The firm also holds stakes in Beast Industries valued at $180 million and Eightco at $91 million. It ranks as the world's largest publicly listed Ether treasury.

Tom Lee leads effort amid $5.1 billion unrealized loss. Led by chairman Tom Lee, Bitmine faces $5.1 billion in unrealized losses on its ETH holdings. Ether's price has fallen 16% since the beginning of 2026 and was trading at $2,469 at 1:29 pm UTC on Tuesday. The company's average acquisition price stands at $2,495 per ETH.

BMNR stock fell more than 2% at Tuesday's market open and is on track to extend its year-to-date decline into double digits. Tom DeMark, a Bitmine advisor, noted that ETH's current sideways consolidation could signal a potential uptrend.

Weekly accumulation strategy continues. The company has conducted weekly ETH purchases since June 2025 as part of its treasury strategy. Tom Lee has previously described the current environment as the end of a 'mini crypto winter' with Ether potentially exceeding $60,000. The latest filing confirms the firm remains committed to its 15-month accumulation timeline.