Bitmine said it purchased another 101,627 ETH worth about $235 million, marking its fastest weekly Ethereum accumulation since December 2025. The latest buy pushed the firm’s total holdings to roughly 4.976 million ETH.
That treasury now represents more than 4.12% of Ethereum’s total supply, according to the release. Bitmine is still pursuing its “Alchemy of 5%” target, a strategy centered on increasing its share of circulating ETH. The new purchase also exceeded the prior week’s $157 million allocation, making it the company’s largest weekly buy of the year.
Holdings expansion deepens Bitmine’s validator footprint
Bitmine is not only accumulating ETH on its balance sheet. The company said it has deployed 3.33 million ETH through its MAVAN platform, valued in the article at about $7.7 billion. That level of deployment strengthens Bitmine’s position as a major validator in the Ethereum network.
At this scale, the firm has become one of the more significant institutional holders tied to Ethereum. The report describes the buying program as ongoing even while price action remains volatile, showing that Bitmine has kept increasing exposure instead of slowing purchases.
Average entry near $3,600 leaves a steep paper loss
The balance sheet impact remains heavy. DropsTab data cited in the report shows Bitmine’s average ETH acquisition cost is close to $3,600. With market prices still below that level, the company is carrying an unrealized loss of more than $6.3 billion on its treasury.
Even with that drawdown, Bitmine continues to add to its position. The article also noted mixed year-to-date performance in BMNR stock, though trading in the shares has remained active, pointing to continued institutional interest in Ethereum-linked equities.
Tom Lee ties ETH rebound to easing geopolitical pressure
Bitmine Chairman Tom Lee pointed to the recent recovery in ETH as a key part of the setup. He said Ethereum has rebounded 41% from its early February low. Lee linked part of that move to lower geopolitical risk, including developments related to the U.S.-Iran conflict.
Price conditions, though, are still unstable. The report said the reopening of the Strait of Hormuz briefly supported the market, while a later closure added pressure again. Lee also referenced two broader themes: Wall Street tokenization efforts and demand from AI systems that require decentralized infrastructure.