BitMine buys $237 million in Ether, its biggest purchase in 2026

The crypto market is closely watching Bitmine’s new massive purchase. The publicly traded company added nearly $237 million in Ether to its balance sheet as the price of Ethereum remains under pressure. This operation marks its largest ETH purchase in 2026 and brings the company closer to its strategic holding goal.

In brief

• Bitmine bought 111,942 ETH, worth over $237 million.
• The company now holds 5.39 million ETH, close to its 5% target.
• Ethereum remains at the core of its strategy, with a large portion staked.
• The market watches BMNR stock and the impact of its integration into the Russell 1000.

Bitmine accelerates with 111,942 ETH added to its balance sheet

Despite its recent heavy losses, Bitmine acquired 111,942 ETH last week. With this operation, the company brings its holdings to 5,390,404 ETH, valued at nearly $11.4 billion, based on a market price around $2,117 on Tuesday morning.

This new position announced on Monday places Bitmine among the actors most exposed to ETH. The company now holds more than 4.4% of the circulating supply. It is thus approaching its 5% target, which its CEO Tom Lee expects to reach in 2026.

However, the CEO had recently indicated a desire to slow down the purchase pace. He would rather not reach that symbolic threshold too quickly. Nevertheless, with ETH below $2,200, Bitmine saw a buying opportunity to strengthen its reserves.

Ethereum remains at the heart of the treasury strategy

The company continues to build its strategy around Ethereum, despite the recent market drop. Tom Lee explained that the company still anticipates a crypto supercycle, driven by the tokenization of Wall Street and artificial intelligence. He stated:

We continue to anticipate a supercycle for cryptocurrencies and Ethereum, fueled by the tokenization of Wall Street and artificial intelligence. That is why we continue our regular acquisitions of ETH, with BitMine now holding nearly 5.4 million ETH tokens.

Tom Lee, CEO of BitMine. Source : Decrypt.

Within this context, Bitmine continues its regular acquisitions of ETH. The company presents this approach as a long-term strategy, focusing on accumulation and yield generation for its tokens. The choice of Ethereum also reflects its role in use cases linked to tokenized assets.

Of the 5.39 million ETH held, more than 4.7 million are staked. These tokens go through Made in America Validator Network, the MAVAN industrial platform. According to reported figures, this activity could generate more than $276 million in annualized revenue.

This staked portion represents nearly $10 billion. It shows that Bitmine not only holds tokens in reserve but also seeks to generate income related to network validation.

Market, BMNR stock and integration into the Russell 1000

BMNR stock has risen about 3.3% since opening, trading around $19.51. Despite this rebound, the stock remains down nearly 12% over one month. It also fell more than 38% over the last six months of trading.

Meanwhile, Bitmine awaits its upcoming integration into the Russell 1000 index. This index tracks the 1,000 largest U.S. companies. Before this entry, Tom Lee mentioned a possible automatic demand from passive index funds and ETFs.

The company’s main asset, however, remains under pressure. Ethereum lost 2% over the past 24 hours, trading around $2,078. It also shows a drop of more than 11% over one month and remains far from its August all-time high of $4,946.

Bitmine’s trajectory will therefore depend on two elements: the evolution of the ether price and its ability to reach its 5% goal without excessive acceleration. In the short term, the market will mainly watch the effect of the integration into the Russell 1000 and the next ETH purchase moves.