- Bitmine reportedly bought another 25,000 ETH worth about $41 million.
- The company has accumulated 125,000 ETH over the last three days.
- Total holdings now stand at roughly 5.54 million ETH, or 4.59% of circulating supply.
- Despite an estimated $9.9 billion paper loss, Bitmine continues aggressively expanding its Ethereum treasury.
Bitmine Continues Massive Ethereum Buying Spree
Bitmine, the publicly traded company led by Fundstrat co-founder Tom Lee, has reportedly purchased another 25,000 ETH worth approximately $41 million, according to onchain data shared by Lookonchain.
The transaction was identified on Wednesday and appears to have originated from a BitGo wallet, the custodian used by Bitmine. While the company has not yet officially disclosed the purchase, Bitmine typically reports treasury updates through weekly filings rather than real-time announcements.
The latest acquisition brings Bitmine's reported purchases over the past three days to 125,000 ETH, valued at around $205 million at current prices.
Closing In On The 5% Ethereum Goal
The pace of accumulation mirrors Bitmine's previously disclosed purchases. Earlier this week, the company announced it had acquired 126,971 ETH during the prior week for roughly $207 million.
Following those purchases, Bitmine's treasury reached 5,543,872 ETH, representing approximately 4.59% of Ethereum's circulating supply of 120.7 million ETH.
That means the company has already achieved roughly 92% of its publicly stated goal of owning 5% of all ETH in circulation.
The strategy has made Bitmine the largest corporate holder of Ethereum globally and one of the most aggressive institutional buyers in crypto markets.
Buying Despite Massive Unrealized Losses
Bitmine's accumulation strategy comes during one of Ethereum's most challenging years in recent memory.
ETH has fallen more than 44% since the start of 2026 and currently trades around $1,640. Based on current market prices, data from DropsTab suggests the company is sitting on approximately $9.9 billion in unrealized losses across its Ethereum holdings.
However, Tom Lee has repeatedly argued that Ethereum's market weakness does not reflect the network's long-term fundamentals. According to Lee, the recent decline has actually strengthened Bitmine's conviction and encouraged the company to accelerate purchases rather than slow them down.
New Capital Raising Efforts
To support its ongoing treasury strategy, Bitmine recently filed plans to issue 3 million shares of Series A perpetual preferred stock.
The offering carries a 9.5% annual dividend based on a $100 share value and is expected to trade on the New York Stock Exchange under the ticker BMNP.
The structure resembles Strategy's preferred stock financing approach and could provide additional capital for future ETH purchases.
Meanwhile, Bitmine shares fell 3.46% on Wednesday, closing at $15.64 despite the company's continued expansion of its Ethereum holdings.
