As crypto markets swung lower last week, BitMine holdings quietly crossed a major threshold that cements the company as a leading corporate buyer of Ether.
Summary
BitMine expands Ether stash past 4 million tokens
BitMine Immersion Technologies (BMNR), led by Fundstrat co-founder Thomas Lee, disclosed on Monday that it bought 98,852 Ether last week, pushing its total position above 4 million tokens. According to the update, the acquisition was completed while the firms cash balance stayed flat at $1 billion.
The new purchase was valued at roughly $300 million based on Monday prices. As a result, BitMine now controls 4,066,062 ETH, equal to 3.37% of the current Ether supply. Moreover, this makes the company the largest known ETH holder among publicly traded firms.
Market backdrop and share price reaction
The latest buying spree came during a volatile week for crypto markets. ETH slipped from an early Monday high near $3,170 to below $2,800 by Thursday, putting additional pressure on investors who bought near recent peaks. However, the second-largest cryptocurrency has since rebounded back above $3,000, easing some of those concerns.
BMNR shares reacted positively to the recovery. After a 10% bounce on Friday, the stock gained another 4.5% in pre-market trading, reflecting renewed optimism around the miners aggressive ETH exposure. That said, volatility in ether price remains a key factor for the companys equity performance.
Accumulation pace and long-term target
While many digital asset treasuries have paused purchases or even sold into the recent downturn, BitMine has maintained a steady buying program. The firm has continued to add ether even as prices retreated from earlier highs in recent months, signaling a strategic long-term conviction rather than short-term trading.
Last weeks 98,852 ETH purchase was slightly below the prior weeks 138,000 ETH acquisition. However, the latest move still keeps the company on track toward its stated goal of owning 5% of the total ether supply over time. In this context, the scale of the Bitmine Ether holdings is becoming a focal point for institutional observers.
Unrealized losses and on-chain metrics
Despite the sizeable position, BitMine is currently estimated to be sitting on more than $3 billion in unrealized losses on its Ether stash. As prices plunged over the past months, the mark-to-market value of those coins dropped sharply, even though the company did not sell into the weakness.
Data from DropsTab indicates that the miners ether treasury alone is still worth just over $12 billion at current market levels. Moreover, BitMine continues to hold $1 billion in cash, unchanged week over week, which provides additional liquidity should it choose to keep expanding its on-chain position.
Overall, BitMine Immersion Technologies has emerged as the most prominent public company ETH reserve, combining an aggressive accumulation program with a clear target of capturing a meaningful share of total supply.
