Bitmine Doubles Down on Ether Accumulation with $69.5M Purchase

Bitmine Immersion Technologies has continued its aggressive accumulation of Ether, acquiring 28,086 ETH at an average price of $2,495 per token. This latest purchase pushes Bitmine's total Ether holdings to 5.93 million tokens, with the company now sitting at 97% of its goal to reach 5% of Ethereum's total supply within a 15-month window.

The acquisition campaign is being led by chairman Tom Lee, who has been instrumental in steering the treasury strategy. Bitmine has stated that it aims to capture ongoing network rewards through staking-linked yield, with an expected annualized revenue of $330 million from its staked ETH position.

However, despite this ambitious plan, Bitmine's reported performance is constrained by the market's direction. The company faces approximately $5.1 billion in unrealized losses on its Ether holdings, due to the token's price weakness in 2026. As a result, Bitmine's NYSE-listed shares were down over 2% at Tuesday's market open.