Bitmine doubles down on Ethereum: $138M purchase pushes holdings past 4.66M ETH
Bitmine Immersion Technologies (BMNR) said Monday it bought 65,341 ether (ETH) last week — about $138 million at current prices — extending a recent buying streak as the firm leans into the market downturn. The purchase lifts Bitmine’s total ether stash above 4.66 million tokens, equal to roughly 3.86% of ETH’s circulating supply, the company said.
This marks the third consecutive week Bitmine has accelerated purchases, stepping up from a prior average of about 50,000 ETH per week. The firm also reported increased liquidity, with cash holdings rising to $1.1 billion.
Chairman Thomas “Tom” Lee framed the buying spree as a strategic bet that the crypto slump is approaching its end. “Our base case is ETH is in the final stages of the ‘mini-crypto winter,’” he said in a statement.
The move is a high-conviction, high-risk play: DropsTab data shows Bitmine still carries an estimated $7 billion unrealized loss on its ether purchases after recent price declines. The company’s increased accumulation despite steep paper losses underscores a longer-term, contrarian stance on Ethereum.
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