TLDR
Bitmine acquired 126,971 ETH worth about $214 million in one week.
The purchase raised total holdings to 5.54 million ETH, valued at nearly $9.3 billion.
The firm now controls 4.59% of ether’s circulating supply.
Chairman Thomas Lee said the pullback does not reflect Ethereum’s strengthening fundamentals.
Bitmine reported about $247 million in cash alongside smaller bitcoin holdings.
Bitmine expanded its ether holdings last week as prices fell sharply across the crypto market. The company acquired 126,971 ETH, marking its largest weekly purchase in 2026. The move lifted total holdings to 5.54 million ETH and reinforced its treasury strategy during the downturn.
Bitmine Expands Ether Position as Prices Slide
Bitmine purchased 126,971 ETH over the past week, worth about $214 million at current prices. The company had bought 26,497 ETH the prior week and nearly 120,000 ETH the week before. The new acquisition increased its total ether holdings to 5.54 million ETH, valued at nearly $9.3 billion.
The firm also reported $247 million in cash, alongside some bitcoin and equity stakes in Beast Industries and Eightco Holdings. Bitmine now controls 4.59% of ether’s circulating supply and expects to reach its 5% target later this year. Chairman Thomas Lee said, “We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals.”
The purchase marked a shift from the company’s earlier plan to slow accumulation as it approached its ownership target. However, management chose to accelerate buying as ETH traded about 65% below its August peak. The firm described the transaction as its largest weekly ether purchase so far in 2026.
Preferred Equity Plan Mirrors Strategy Model
Bitmine announced plans to introduce a preferred equity class that will pay dividends to investors. The company aims to raise fresh capital through this structure to support further digital asset purchases. The approach follows a model used by bitcoin-focused treasury firm Strategy.
Strategy’s preferred share class, STRC, traded at $90 on Friday, roughly 10% below par value. Investors have debated whether Strategy can maintain dividend payments as bitcoin prices declined sharply last week. Bitmine disclosed that its ether holdings currently reflect an estimated $9.6 billion in paper losses due to recent price weakness.
While several digital asset treasury firms paused accumulation since October, Bitmine continued adding to its crypto reserves. The company maintained active purchases even as market prices weakened over recent months. Its latest weekly acquisition stands as the largest ether buy recorded by the firm in 2026.
Bitmine confirmed that it remains on track to reach its 5% ownership goal later this year. The company did not revise its supply target despite current market conditions. It ended the week holding 5.54 million ETH and $247 million in cash, according to its statement.
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