Bitmine Adds 127,000 ETH in Biggest Weekly Buy Since 2026

Bitmine said Monday it purchased 126,971 ether (ETH) last week, a stake worth about $214 million at current prices, according to CoinDesk. The company described it as its largest one-week acquisition since 2026, a pickup that runs counter to earlier commentary suggesting its buying pace was cooling. Following the purchases, Bitmine's ETH holdings rose to 5.54 million, valued at roughly $9.3 billion at current prices. Beyond crypto, the company said it holds about $247 million in cash, a portion of bitcoin, and equity investments in Beast Industries and Eightco Holdings. Total holdings across crypto assets, cash and investments are about $9.9 billion, based on company figures. Bitmine bought 26,497 ETH the prior week, and nearly 120,000 ETH the week before that. The company is viewed as one of the largest Ethereum treasury holders. It has previously said it would slow purchases as it nears 5% of Ethereum's circulating supply. The latest disclosure indicates Bitmine now holds about 4.59% of circulating ETH and expects to reach the 5% threshold later this year. Chairman Thomas Lee said the firm accelerated buying because the recent ETH pullback does not, in its view, reflect improving Ethereum fundamentals. Bitmine also outlined plans to issue a dividend-paying preferred share class to raise additional capital, echoing Strategy's capital-markets approach tied to its bitcoin treasury to fund further digital-asset accumulation. The structure has drawn increased scrutiny after last week's sharp bitcoin decline, as investors debated dividend sustainability and liquidity provisions for high-yield preferred shares during drawdowns. CoinDesk noted Strategy's newest preferred issue, STRC, fell to $90 last Friday, about 10% below par. Many comparable digital-asset treasury firms have largely stopped adding to positions since prices weakened sharply from last October, with some moving toward reductions. Bitmine has continued to add. CoinDesk reported ETH is down about 65% from its August peak, leaving Bitmine with an estimated unrealized paper loss of about $9.6 billion, while the company continues to build exposure as part of its long-term Ethereum allocation. The report noted that the market value of the position and the purchase amounts are estimates based on current prices; the average execution price was not disclosed.