BitMine Adds 25,000 ETH as Ethereum Slips Under $1,700
BitMine is back in focus after on-chain trackers flagged another sizable Ethereum transfer linked to BitGo custody, suggesting the firm added roughly 25,000 ETH despite a weaker market.
Lookonchain data indicates BitMine accumulated about 125,000 ETH over the past three days, valued at roughly $205 million to $206 million at recent prices. The company has not publicly confirmed the latest transfer and typically updates its ETH position through weekly disclosures. Still, the transaction pattern aligns with earlier custody-related buys associated with its accumulation program.
The buying comes as ETH trades around $1,642, down more than 44% since early 2026, a drawdown that has increased scrutiny on corporate treasuries holding Ethereum.
BitMine's strategy centers on a goal to control 5% of Ethereum's circulating supply, an approach it has branded the "Alchemy of 5%". Tom Lee has framed Ethereum as potential core settlement infrastructure.
Earlier this week, BitMine disclosed it purchased 126,971 ETH last week for about $207 million, lifting total holdings to 5,543,872 ETH. That represents about 4.59% of circulating supply, putting the company roughly 92% of the way to its 5% target. Lee has suggested purchases could slow once the threshold is reached, though the latest on-chain activity indicates buying has not paused.
BitMine is also reported to be carrying about $9.9 billion in unrealized losses. While those remain paper losses unless ETH is sold, they factor into investor assessments of whether treasury-focused firms can continue raising capital during extended drawdowns.
To support its strategy, the company filed for a Series A perpetual preferred stock offering with a 9.5% annual dividend rate. The preferred shares are expected to trade on the New York Stock Exchange under the ticker BMNP.
From a technical perspective, market watchers are also focused on near-term price structure. Analyst Ted Pillows said ETH is forming another bear flag and argued that a move back above $1,700 would weaken the bearish setup. A break above $1,700 could open a push toward the $1,850–$1,900 zone.
On the downside, a drop below $1,600 could send ETH back toward last week's low, adding pressure to BitMine as its equity has already softened alongside the token. BMNR closed at $15.64 on Wednesday and slipped again after hours, extending declines over the past week and month.
Network metrics paint a more constructive backdrop. Santiment data cited in market reports shows Ethereum approaching 200 million non-empty wallets, reflecting activity across DeFi, staking, stablecoins, token issuance, and broader on-chain use. Lee has also argued that agentic AI could lift demand for Ethereum as autonomous software systems require dependable settlement, payments, and recordkeeping—supporting BitMine's long-term infrastructure thesis even as near-term price action remains under pressure.
