Bitmine Immersion Technologies said Tuesday it acquired 28,086 Ether (ETH) last week, a purchase worth approximately $69.5 million. The buy pushes the company closer to its target of accumulating 5% of Ethereum's total supply within 15 months, which it has now reached 97% of.
Bitmine's total Ether holdings stand at 5.93 million ETH, acquired at an average price of $2,495 per coin. Its total assets are reported at $15.7 billion, including $593 million in marketable securities, cash, other crypto holdings and 5.1 million in staked ETH expected to generate $330 million in annualized staking revenue.
The purchase follows a separate announcement last week in which Bitmine reported acquiring 53,501 ETH, bringing its holdings to 4.9% of Ethereum's circulating supply of 120.7 million ETH at the time. Led by chairman Tom Lee, the company is the world's largest publicly listed Ether treasury.
Ether was trading at $2,469 as of 1:29 pm UTC on Tuesday, down 16% since the beginning of 2026, according to CoinMarketCap. Bitmine holds $5.1 billion in unrealized losses on its ETH portfolio, according to Dropstab data. The company's NYSE-listed stock, BMNR, fell more than 2% at Tuesday's open and is on track to extend its year-to-date decline into double digits, according to Yahoo Finance.
Separately, Lee stated that a "mini crypto winter" is over and sees Ether above $6,000.
