BitMine Slows Ether Buying, Repurchases $86 Million of Shares

Bitmine, the world's largest corporate holder of ether, continues to use company funds to build its ETH reserve, with the market watching how its large purchases affect supply and prices. As its holdings approach 5% of Ethereum's total circulating supply, the company has become an important gauge of institutional crypto adoption.

Bitmine recently spent about $43 million to acquire another 27,084 ETH, further increasing its total holdings. Chairman Tom Lee said the recent weakness in cryptocurrencies was primarily driven by quarter-end "window dressing" in late June, as investors exited impaired positions before the second half began, creating short-term selling pressure.

BitMine has made Ethereum (ETH) its primary treasury asset, using continued purchases and staking to build the world’s largest Ethereum treasury. Its long-term goal is to hold close to 5% of ETH’s circulating supply. Chief Executive Tom Lee believes the Ethereum network’s applications and yield-generating capacity remain supportive, and that short-term price volatility does not alter the company’s strategy.

In the week through July 19, 2026, BitMine deployed about $92 million during a market decline to buy an additional 127,000 ETH, raising its total holdings to 5.54 million ETH. About 4.72 million ETH had been staked to earn an annualized yield. Lee described the recent selling pressure as a “surface phenomenon” unrelated to fundamentals.

BitMine is the world’s largest corporate Ethereum treasury holder and has made accumulating and staking ETH central to its asset strategy. The company aims to hold 5% of Ethereum’s total supply and is now closing in on that threshold, making its moves consequential for market liquidity, corporate crypto allocations and the Ethereum staking ecosystem.

In the latest week, BitMine bought another 76,000 ETH, lifting its holdings to 5.62 million ETH, or about 4.66% of total supply. Its treasury value at one point approached or exceeded $10 billion. The company also raised $270 million through a preferred-stock offering during the same period and staked more than 83% of its holdings. Subsequent reports showed its position had risen further to about 5.7 million ETH, worth approximately $8.9 billion.

BitMine Immersion Technologies (BMNR), led by Fundstrat co-founder Tom Lee, has made converting corporate funds into Ether its core strategy, with a goal of holding 5% of the cryptocurrency’s circulating supply. By introducing interest-bearing preferred stock, the company is emulating the capital-markets playbook used by Michael Saylor’s Strategy to expand its crypto reserves.

BitMine finalized an offering of 3.5 million BMNP shares at $80 apiece on June 5, 2026, and closed the deal on June 10, raising $273.8 million in net proceeds. The preferred shares carry a 9.5% annual dividend and began trading on the New York Stock Exchange on June 16. The company subsequently added 76,881 ETH worth about $136 million, bringing its total holdings to 5.62 million ETH.

Bitmine Immersion Technologies launched its Ether treasury strategy in July 2025, raising funds through capital markets and steadily accumulating ETH to become the world’s largest publicly traded corporate holder. The model closely ties shareholder returns to Ether’s price and the company’s acquisition cost, making Bitmine an important test of whether corporate crypto treasuries can weather market cycles.

10x Research said on February 23, 2026, that ETH had fallen about 60% over six months and was trading below Bitmine’s average cost of $3,843 per token, leaving the company with a paper loss approaching $8.8 billion. Bitmine nevertheless bought another 45,749 ETH the previous week at an average price of $1,992. The research firm said current prices were testing whether the decline was a cyclical pullback or a deeper structural downturn.

Bitmine, led by Fundstrat co-founder Tom Lee, has adopted an “Ethereum MicroStrategy” strategy that makes Ether a core corporate reserve asset. Its long-term goal is to hold 5% of the circulating supply. The concentrated buying is affecting ETH supply and demand and reflects a new trend of listed companies using crypto assets to strengthen their balance sheets.

As of mid-July 2026, Bitmine had spent about $53 million to buy roughly 26,500 ETH in the previous week, well below its earlier pace of about 100,000 tokens per week. The company has bought more than 1 million ETH since the start of the year and now holds about 5.2 million, representing 4.31% of Ether’s circulating supply. Lee expects it to reach the 5% target by December.

Bitmine is an Ethereum treasury company whose core strategy is to hold ETH on its corporate balance sheet and steadily increase its exposure to the Ethereum ecosystem. Its holdings already exceed 4% of ETH’s total supply. Such large purchases reflect the institution’s view of the cryptocurrency’s price and could also affect market supply and demand as well as investor sentiment.

Bitmine bought 71,672 ETH last week as the cryptocurrency fell below $2,200, sharply increasing its purchases from the previous week. Its latest holdings surpassed 5.27 million ETH, or about 4.37% of total supply, closing in on its 5% target. Analyst Tom Lee called the pullback an attractive entry opportunity and said rising oil prices could weigh on cryptocurrency prices.

BitMine Immersion Technologies has amassed Ether on its corporate balance sheet, aiming to control 5% of the global circulating supply while generating yield through staking. The strategy has made it the world’s largest corporate holder of ETH, while closely tying its valuation to the token’s price, regulatory developments and the risks of concentrated ownership.

BitMine said on March 23, 2026, that its total assets had reached $11 billion and that it held 4,660,903 ETH, equal to 3.86% of supply. It added 65,341 tokens worth about $138 million in one week. Holdings had exceeded 5.18 million tokens by May 7. Chairman Tom Lee said the company would slow its purchases as it approached the 5% target and viewed the CLARITY Act as a positive catalyst.

Bitmine Immersion Technologies is pursuing an “Ethereum MicroStrategy” treasury strategy, using corporate assets to acquire Ether as it seeks to raise its holdings to 5% of total supply. The scale of the position tightly links the company's share price and financing capacity to Ether's supply and demand, drawing attention to its move to the New York Stock Exchange's main market.

Bitmine most recently reported holdings of 4.8 million ETH, equivalent to about 3.98% of total supply, and approximately $11.8 billion in crypto assets. It bought another 71,000 ETH in one week, its largest increase since December 2025. The company also uplisted to the NYSE, increased its share-repurchase authorization to $4 billion and staked more than 3.33 million ETH through the Mavan network, with estimated annualized returns of $196 million.

BitMine Immersion Technologies is a publicly listed U.S. digital-asset treasury company whose core strategy is to accumulate ETH over the long term, with a target of holding 5% of Ethereum’s total supply. Its latest indirect investment in privately held OpenAI through Eightco shows that the company is deploying capital across two major growth themes: blockchain and artificial intelligence.

BitMine said on March 16, 2026, that it had added 60,999 ETH in the week through March 15, raising its total holdings to 4,595,562 ETH, or 3.81% of total supply. Of that amount, 3,040,515 ETH had been staked. The company also invested an additional $80 million in Eightco to support its $50 million acquisition of OpenAI equity.