Buying Through the Dip Bitmine (BMNR), the Ethereum treasury firm chaired by Fundstrat co-founder Tom Lee, has acquired another 25,000 $ETH worth approximately $41 million, according to oncha
Bitmine (BMNR), the Ethereum treasury firm chaired by Fundstrat co-founder Tom Lee, has acquired another 25,000 $ETH worth approximately $41 million, according to onchain data shared by Lookonchain. The latest tranche brings the company's total purchases over just three days to 125,000 ETH, a buying spree valued at roughly $206 million at current prices.
The move is part of a broader pattern of aggressive accumulation. Bitmine accelerated its purchases during Ethereum's recent downturn, buying 126,971 ETH in the week ending June 8 alone, its largest single-week acquisition of the year, valued at approximately $214 million. The move reversed earlier guidance from the firm, which had signaled a slowdown in accumulation as its holdings approached 5% of ETH's total circulating supply.
"We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals," chairman Tom Lee said. Lee attributed the broader crypto decline to an AI system that discovered a vulnerability in Zcash, a privacy-focused blockchain protocol, triggering a 40% drop in the ZEC token and rippling across the wider market. He argued the selloff was a distraction from Ethereum's underlying strength.
Bitmine now holds 4.59% of Ethereum's circulating supply, with total holdings standing at 5,543,872 ETH worth approximately $9.3 billion. Tom Lee calls the plan the "Alchemy of 5%," a target of controlling more than 5% of all Ether in existence, which he expects the company to reach sometime in 2026.
Bitmine began as a bitcoin mining operation before pivoting to an Ether treasury model, a shift funded by a $250 million private placement in June 2025. The pivot has made it the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy Inc. (Nasdaq: MSTR) and its roughly 845,256 BTC.
The buying spree comes despite significant paper losses. ETH has lost nearly 15% of its value over the past week and remains approximately 65% below its August 2025 record high, leaving Bitmine's treasury sitting on an estimated $9.6 billion in unrealized losses, according to DropsTab data. To fund further accumulation, Bitmine priced an upsized preferred stock offering, selling 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share, with net proceeds of approximately $273.8 million expected after fees.
Sources:CoinDesk: Bitmine Bought the Dip, Making Its Biggest Ether Purchase in 2026CoinGecko: BitMine Immersion Crypto Treasury HoldingsCoinCentral: Bitmine Buys 126,971 ETH in Biggest Weekly Purchase of 2026
