BitMine has added another $213.57 million worth of Ethereum, extending its accumulation strategy even as the company sits on more than $10 billion in unrealized losses. Blockchain intelligence platform Arkham reported the latest purchase while ETH continued to trade well below levels seen earlier this year.
After the transaction, BitMine’s Ethereum holdings rose to roughly $9.32 billion. That stockpile represents about 4.59% of Ethereum’s circulating supply, placing the firm among the largest known corporate holders of the asset. BitMine, chaired by Tom Lee, has kept buying ETH through the downturn instead of scaling back.
Buying Continues Even as Treasury Value Falls
The new acquisition drew attention because it came during a period of deep paper losses. As Ethereum declined, the market value of BitMine’s treasury dropped sharply, leaving the firm with unrealized losses estimated at more than $10 billion.
Some market participants had expected large treasury holders to turn more defensive in that environment. BitMine has taken the opposite course. The company kept increasing its Ethereum exposure, sticking with a long-term accumulation approach despite weak price performance and persistent volatility across digital assets.
Company Moves Closer to the 5% Mark
Arkham’s treasury tracking also indicates that BitMine is nearing another threshold. Based on current estimates, the firm would need around $819.86 million in additional Ethereum purchases to reach ownership of 5% of the circulating ETH supply.
The latest buy appears to extend an existing pattern rather than stand on its own. Available data shows BitMine continuing to add to its reserve and increasing its share of the circulating Ethereum supply even while losses on paper remain substantial.