Bitmine Increases Ethereum Holdings as Treasury Surpasses 5.4 Million ETH
Ethereum-focused treasury company Bitmine has continued its aggressive accumulation strategy, purchasing an additional 26,497 ETH over the past week. Following the latest acquisition, the firm now holds 5,416,901 ETH, representing approximately 4.49% of Ethereum’s total circulating supply.
The latest purchase brings Bitmine significantly closer to its long-term objective of controlling 5% of the total Ethereum supply. According to the company, it has already achieved around 90% of that target and remains on track to reach the milestone during 2026.
Bitmine Strengthens Position as Major Ethereum Holder
The recent acquisition follows another substantial purchase earlier this year, when Bitmine added 111,942 ETH to its treasury. The company has steadily expanded its Ethereum exposure despite ongoing volatility across the crypto market.
In addition to its growing holdings, Bitmine revealed that approximately 4,718,677 ETH are currently staked. Based on current valuations, these staked assets are worth roughly $9.5 billion, making the company one of the largest Ethereum staking participants globally.
Bitmine Chairman Tom Lee noted that, at the current scale, the company expects to generate approximately $296 million annually through Ethereum staking rewards. Around 87% of Bitmine’s total ETH holdings are actively staked, highlighting the firm’s commitment to generating yield from its treasury assets.
Unrealized Losses Remain Despite Long-Term Confidence
Although Bitmine continues to expand its Ethereum reserves, the company is currently facing substantial unrealized losses on its position. Data indicates that its average acquisition price stands near $3,484 per ETH, leaving the treasury significantly underwater as Ethereum trades below those levels.
Despite the temporary losses, Tom Lee and the Bitmine leadership team remain optimistic about Ethereum’s long-term outlook. The company continues accumulating ETH during the current market weakness, demonstrating confidence in the asset’s future growth potential.
Bitmine has also emerged as one of the largest digital asset treasury companies in the market, ranking behind only major industry players such as Strategy in terms of overall crypto treasury size.
BMNR Stock Declines Alongside Ethereum
Shares of Bitmine (BMNR) moved lower following the announcement of the latest Ethereum purchase. The stock traded near $18 during the market session, reflecting a decline of more than 3%.
BMNR has also posted losses over the past week, largely mirroring Ethereum’s recent price weakness. However, Tom Lee believes the market is undervaluing Ethereum relative to its improving fundamentals.
According to Lee, Ethereum’s current valuation fails to reflect the network’s strengthening ecosystem, staking growth, and broader adoption trends. He suggested that the asset remains in the early phases of what he describes as a new crypto expansion cycle.
Bitmine Targets 5% of Ethereum Supply
Looking ahead, Bitmine remains focused on reaching its ambitious goal of owning 5% of Ethereum’s total supply. Company executives expect this milestone to be achieved sometime in 2026 if current accumulation trends continue.
While Ethereum’s price remains under pressure, Bitmine’s ongoing purchases signal strong institutional confidence in the blockchain’s long-term potential and its role within the digital asset ecosystem.
