CoinDesk
Bitmine, the largest publicly traded Ethereum treasury, snapped up 126,971 ETH over the past week — roughly $214 million at current prices — its largest weekly purchase of 2026, the company said Monday. The buy came as chairman Tom Lee, who had previously urged a slower accumulation pace, reversed course and told markets the dip does not match what he called strengthening Ethereum fundamentals.
The acquisition lifted Bitmine's ether stack to 5.54 million ETH (about $9.3 billion at current prices) and pushed the firm's total crypto, cash and investment holdings to $9.9 billion, including $247 million in cash, some bitcoin and stakes in Beast Industries and Eightco Holdings. Bitmine now holds 4.59% of ether's outstanding supply and is targeting 5% by year-end.
Why it matters
The signal is the reversal, not the size. Most large digital-asset treasury companies have stopped buying and begun selling as crypto prices slid sharply from October, with Bitmine's ether position alone sitting on roughly $9.6 billion in paper losses after ETH fell 65% from its August record to a more-than-one-year low. Lee's decision to accelerate into that drawdown — against his own earlier guidance — reframes the call: Bitmine is treating the current price as a discount to fundamentals rather than the start of a structural unwind.
Market impact
Bitmine is now leaning into the same preferred-equity playbook Strategy has used to fund bitcoin accumulation, with plans to issue a dividend-paying preferred class to raise more capital. That template is under fresh scrutiny after Strategy's STRC preferred slipped to $90 on Friday — 10% below par — as investors weigh dividend coverage against the broader drawdown. If Bitmine's preferred clears the market without that kind of discount, it gives ether's treasury trade a fresh funding leg; if it doesn't, the read becomes that even the most committed corporate buyers can't get the bid they need at these levels.
Frequently asked questions
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How much ETH did Bitmine buy last week?
Bitmine purchased 126,971 ETH over the past week, worth roughly $214 million at current prices — its largest weekly acquisition of 2026.
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Why did Tom Lee reverse his call to slow ETH purchases?
Lee said Bitmine increased buying because it believes the pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals.
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How much ETH does Bitmine hold in total?
Bitmine now holds 5.54 million ETH, worth about $9.3 billion at current prices, equivalent to 4.59% of ether's outstanding supply.
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What is Bitmine's 5% supply target?
Bitmine is targeting 5% of ETH's outstanding supply by year-end. It currently holds 4.59%, putting the milestone within reach if accumulation continues at recent pace.
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How does Bitmine plan to fund more ETH purchases?
Bitmine unveiled plans to issue a preferred equity class that pays dividends, mirroring Strategy's playbook for funding bitcoin accumulation without diluting common shareholders.
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