Bitmine (BMNR), the world's largest Ethereum treasury company, went on a buying spree last week, making its biggest weekly ether purchase in 2026 as crypto prices slumped. The firm disclosed on Monday that it acquired 126,971 ETH over the past seven days, worth roughly $214 million at current prices. This compares to 26,497 tokens the prior week and nearly 120,000 ETH the week before. The purchase lifted Bitmine's total holdings to 5.54 million ETH, valued at about $9.3 billion, representing 4.59% of ether's circulating supply.
The move marks a sharp reversal from the company's earlier signal to slow accumulation as it neared its 5% supply target. Chairman Thomas Lee explained in a statement: "We ramped up our buying because we believe this pullback in ETH prices does not reflect Ethereum's strengthening fundamentals." Meanwhile, most peer treasury firms have halted purchases and shifted to selling since crypto prices turned sharply lower in October.
Following Strategy's Playbook, But Investors Skeptical
To fund further accumulation, Bitmine unveiled plans to issue a preferred equity class that pays dividends — a tactic pioneered by Bitcoin-centric Strategy. However, that model is under investor scrutiny. Strategy's own preferred share class STRC fell to $90 on Friday, about 10% below par, as bitcoin prices tumbled last week, raising doubts about dividend obligations and liquidity. Bitmine has yet to specify the terms of its preferred offering.
Paper Losses Mount Despite Aggressive Buying
Bitmine's ETH holdings are sitting on an estimated $9.6 billion in paper losses, as ETH has dropped roughly 65% from its August all-time high to a one-year low. The firm also holds $247 million in cash, some bitcoin, and stakes in Beast Industries and Eightco Holdings. Despite the deep drawdown, Bitmine remains on track to reach its 5% supply goal later this year, assuming no further major disposals.