CoinDesk
Bitmine Immersion Technologies, the largest Ethereum treasury company, bought 27,084 ETH last week for roughly $43 million, lifting its holdings to 5.7 million ETH and bringing the firm close to its 5% target of total ETH supply. At an ETH price near $1,580, the stash is worth about $8.9 billion, and combined with 206 BTC, $555 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings, Bitmine controls around $9.8 billion in total crypto, cash, and investments.
Why it matters
The buy is the smallest since early May, down from 52,203 ETH the prior week and well below the 126,971 ETH batch earlier this month, a sign Bitmine is dialing back its accumulation pace after months of aggressive buying. Yet Bitmine remains one of the few large digital-asset treasury companies still consistently adding through the drawdown, while many peers have paused. Chairman Thomas "Tom" Lee tied recent weakness to quarter-end rebalancing, arguing investors are cutting losers before the second half of the year and brushing off the slide despite what he called notable positive developments, including the creation of Ethlabs, a new Ethereum research organization he backs, and a softer Bank of England stance on stablecoins.
Market impact
BTC and ETH are on track for a third straight quarterly loss, a first for ether since 2019 and a run not seen in bitcoin since 2022, with BTC down 12% in Q2 and ETH off 25% per CoinGlass data. The asymmetry in treasury behavior is the read worth watching: if window dressing is the driver, the bid returns with the new quarter; if ETH-specific outflows persist, even the most committed accumulator will hit a ceiling.
Frequently asked questions
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How much ETH does Bitmine now hold?
Bitmine holds 5.7 million ETH, roughly 4.7% of Ethereum's circulating supply, after buying another 27,084 ETH last week for about $43 million.
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Why did Tom Lee call the weakness 'window dressing'?
Lee attributed the slide to quarter-end rebalancing, saying investors cut losing positions ahead of the second half, brushing off positives like the launch of Ethlabs and a softer Bank of England stance on stablecoins.
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Is Bitmine slowing its ETH purchases?
Yes. The 27,084 ETH buy is the smallest since early May, down from 52,203 the prior week and 126,971 earlier this month, though Bitmine is still one of the few large treasury firms consistently adding.
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How are BTC and ETH performing this quarter?
Bitcoin is down 12% and Ether 25% in Q2 2026, putting both on track for a third consecutive quarterly loss, a first for ETH since 2019 and the longest such run for BTC since 2022.
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What is Bitmine's 5% ETH target?
Bitmine has stated a goal of owning 5% of all ETH in circulation; with the latest purchase it holds about 4.7% and is closing in on that milestone even as the pace of accumulation slows.
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