BitMine Scoops Up $300M in Ether, Treasury Surpasses 4M ETH

TL;DR

• ETH Milestone: BitMine added 98,852 ETH, lifting its holdings to 4,066,062 tokens worth over $12 billion, equal to 3.37% of the ETH supply.
• Market Context: The firm kept buying during a price slide from $3,170 to below $2,800, with ETH later rebounding above $3,000 and BMNR shares rising 4.5%.
• Strategic Positioning: BitMine now leads as the largest ETH treasury, holds $13.2 billion in total assets, and advances its MAVAN staking network for 2026.
  

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BitMine Immersion Technologies (BMNR) crossed a major threshold last week after acquiring 98,852 ETH, pushing its total holdings to 4,066,062 tokens. The purchase, valued at roughly $300 million, cements the firm’s position as the largest known Ethereum treasury among publicly traded companies. BitMine now controls 3.37% of the ETH supply, a milestone reached while maintaining $1 billion in cash and continuing to accumulate despite broader market pullbacks.

BitMine Extends Lead as Top ETH Treasury

The company’s latest update shows its ETH stash valued at just over $12 billion, part of a broader $13.2 billion portfolio that includes 193 BTC, a $32 million stake in Eightco Holdings, and its cash reserves. Chairman Thomas Lee highlighted the achievement as a key step toward the firm’s target of owning 5% of all ETH, calling the 4 million milestone a significant accomplishment reached in only 5.5 months. BitMine also emphasized its role in supporting tokenization efforts and deepening engagement with leading DeFi developers.

Accumulation Continues Despite Market Volatility

BitMine’s buying streak stands out as many digital asset treasuries slowed or reversed accumulation amid recent price declines. Last week’s purchase occurred during a sharp market slide that saw ETH fall from $3,170 to below $2,800 before rebounding above $3,000. The recovery helped lift BMNR shares 4.5% in pre‑market trading, following a 10% surge the prior Friday. Although the latest addition was smaller than the previous week’s 138,000 ETH buy, the firm remains on pace toward its long‑term supply goal.

Unrealized Losses Mount but Strategy Holds

Despite its aggressive accumulation, BitMine is estimated to be sitting on more than $3 billion in unrealized losses as ETH prices have retreated in recent months. Still, the company maintains its long‑term investment thesis, positioning itself as the #1 Ethereum treasury globally and the #2 overall crypto treasury, behind Strategy Inc.’s Bitcoin holdings.

Infrastructure and Market Influence Expand

BitMine continues developing its staking initiative, the Made in America Validator Network (MAVAN), slated for deployment in early 2026. The firm also cited the GENIUS Act and the SEC’s Project Crypto as transformative forces reshaping financial services. With an average daily trading volume of $1.7 billion, BitMine now ranks among the most actively traded U.S. stocks, reflecting its growing influence across both traditional and blockchain‑native markets.