Bitmine purchased $41 million worth of Ethereum on Wednesday at approximately 11:22 a.m. ET, continuing its aggressive expansion of the world's largest corporate Ethereum treasury. According to blockchain analytics platform Lookonchain, the firm acquired 25,000 ETH in the transaction, with Arkham Intelligence data showing the funds transferred from a BitGo hot wallet. The purchase extends Bitmine's three-day buying spree to 125,000 ETH worth $205 million at current market prices, as the company pursues its target of accumulating 5% of Ethereum's total circulating supply.
Bitmine Accumulates 125,000 ETH Over Three-Day Period
Lookonchain reported that Bitmine has purchased a total of 125,000 ETH in the past three days, worth $205 million at the current market price. The firm has not yet officially confirmed the purchases, as Bitmine typically releases updates via weekly disclosures.
The reported amount aligns with Bitmine's official disclosure from Monday, which stated the firm purchased 126,971 ETH last week for roughly $207 million. That acquisition brought Bitmine's total treasury to 5,543,872 ETH, representing 4.59% of ether's circulating supply of 120.7 million tokens. The company has reached 92% of its stated target to accumulate 5% of the total supply.
Bitmine Treasury Faces $9.9 Billion Unrealized Loss
Ethereum has experienced significant declines this year, down more than 44% since the start of 2026. The cryptocurrency is currently trading at $1,642.7, according to The Block's crypto price page. Bitmine is sitting on an estimated $9.9 billion in unrealized losses on its total ether holdings, according to DropsTab data.
Bitmine Chairman Tom Lee previously said that Ethereum's pullback has prompted the firm to accelerate its buying, as the firm does not view the current decline as reflecting Ethereum's fundamentals.
Bitmine Files for $300 Million Preferred Stock Offering
Earlier this month, Bitmine filed to offer 3 million shares of a Series A perpetual preferred stock with a 9.5% dividend rate annually on a per-share amount of $100. The stock, similar to Strategy's STRC, is expected to list on the New York Stock Exchange under ticker BMNP.
Bitmine (BMNR) fell 3.46% to close Wednesday at $15.64, The Block's stock price page shows.
FAQ
How much Ethereum did Bitmine purchase on Wednesday?
Bitmine purchased 25,000 ETH on Wednesday at approximately 11:22 a.m. ET, worth $41 million. Blockchain analytics platform Lookonchain reported the transaction, with Arkham Intelligence data showing the funds transferred from a BitGo hot wallet.
What is Bitmine's total Ethereum treasury?
Bitmine's total treasury stands at 5,543,872 ETH, representing 4.59% of ether's circulating supply of 120.7 million tokens. The firm has reached 92% of its target to accumulate 5% of the total supply.
How much unrealized loss does Bitmine face on its Ethereum holdings?
Bitmine is sitting on an estimated $9.9 billion in unrealized losses on its total ether holdings, according to DropsTab data. Ethereum has declined more than 44% since the start of 2026, currently trading at $1,642.7.
