Bitmine Buys 28,086 ETH, Says It's 97% of the Way to Its 5% Ethereum Supply Goal

Bitmine Immersion Technologies said it expanded its Ether position again, bringing the company closer to a long-stated objective of amassing 5% of Ethereum's total supply within 15 months. In a PR Newswire release issued Tuesday, Bitmine disclosed it purchased 28,086 ETH last week. The company said the transaction was valued at about $69.5 million at the time of the filing and lifted total Ether holdings to 5.93 million tokens, acquired at an average cost of $2,495 per ETH. Bitmine said it has now completed 97% of its 5% supply-accumulation plan. The buying campaign has been led by chairman Tom Lee and is tied to a treasury strategy centered on staking-linked yield. Balance sheet details and staking expectations Bitmine reported $15.7 billion in total assets, including $593 million in marketable securities, cash and other cryptocurrency holdings. It also said 5.1 million ETH is staked, and projected that its staked position could generate about $330 million in annualized staking revenue. Unrealized losses amid 2026 ETH weakness Despite the accumulation push, third-party tracking cited in the report indicates Bitmine is carrying roughly $5.1 billion in unrealized losses on its Ether treasury as ETH prices remain under pressure in 2026. CoinMarketCap data cited in the article showed Ether down 16% year-to-date and trading at $2,469 as of 1:29 pm UTC Tuesday, below Bitmine's stated average purchase price. Shares slip at the open Bitmine's NYSE-listed BMNR shares fell more than 2% at Tuesday's market open, according to Yahoo Finance, with the stock on track to extend a year-to-date decline into double digits. Investors will be watching the pace of additional ETH purchases needed to close the remaining gap to the 5% target, any shifts in the company's balance sheet and staking activity, and whether equity markets continue to focus on near-term mark-to-market pressure versus longer-term staking-driven treasury strategy.