Bitmine buys 126,971 ETH in its biggest 2026 dip purchase!

Bitmine (BMNR), the largest Ethereum treasury company, bought 126,971 ETH last week — worth roughly $214 million at current prices — making it the firm's single largest weekly acquisition in 2026, even as crypto prices broadly tanked. The purchase lifts Bitmine's total ETH holdings to 5.54 million tokens, valued at approximately $9.3 billion, with the firm's combined crypto, cash and investment holdings reaching $9.9 billion.

Why it matters

The move is a deliberate reversal of the company's earlier signal to slow accumulation as it approached its stated goal of owning 5% of ETH's outstanding supply. Bitmine now holds 4.59% and is on track to cross the 5% threshold later this year. Chairman Thomas Lee framed the acceleration as a conviction call: "We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals." That stance puts Bitmine at odds with most of its treasury-company peers, which have halted purchases or pivoted to selling since crypto prices turned sharply lower from October highs.

Market impact

The bet is not without risk. ETH has fallen roughly 65% from its August record, and Bitmine is sitting on an estimated $9.6 billion in paper losses. The firm also announced plans to issue a dividend-paying preferred equity class — a financing structure borrowed from Strategy's playbook — though that model is drawing fresh investor scrutiny after Strategy's own preferred share STRC slipped to $90, about 10% below par value, raising questions about dividend sustainability at scale.