Bitmine Acquires Additional 28k ETH, Nears Completion of 5% Supply Target
Bitmine has achieved 97% of its objective to hold 5% of Ethereum's total supply, though the company led by Tom Lee currently sits on an unrealized loss of $5.1 billion for its primary treasury holdings.
In a recent announcement, Bitmine Immersion Technologies—currently holding the position as the world's leading corporate holder of Ether—disclosed yet another acquisition of the cryptocurrency market's second-largest digital asset, moving the firm even closer to its ambitious target of accumulating 5% of Ethereum's entire circulating supply.
Last week saw Bitmine purchase 28,086 Ether (ETH), as revealed in an announcement made on Tuesday, with the acquisition valued at approximately $69.5 million based on current market prices. This latest transaction has elevated Bitmine's aggregate Ether holdings to 5.93 million ETH, purchased at an average cost of $2,495 per token.
The company disclosed total assets valued at $15.7 billion, encompassing $593 million in various holdings including marketable securities, cash reserves, additional cryptocurrency assets, and 5.1 million ETH in staked positions, with projected annualized staking revenue anticipated to reach $330 million.
In the wake of this most recent purchase, Bitmine disclosed that it has now fulfilled 97% of its strategic objective to accumulate 5% of Ethereum's total supply, a goal the company set to accomplish within a 15-month timeframe. Under the leadership of chairman Tom Lee, the organization revealed a 53,501 ETH purchase last week, which elevated its total holdings to represent 4.9% of Ethereum's current circulating supply of 120.7 million tokens.
The company holds the distinction of being the world's largest publicly traded entity with an Ether treasury. However, Bitmine is currently confronting $5.1 billion in unrealized losses across its ETH position, based on data from Dropstab. The price of Ether has declined 16% from the start of 2026 and stood at $2,469 as of 1:29 pm UTC on Tuesday, based on CoinMarketCap data.
Trading on the NYSE under the ticker BMNR, Bitmine's stock price experienced a decline of more than 2% at Tuesday's opening bell, positioned to push its year-to-date losses further into double-digit territory, based on information from Yahoo Finance.