Ethereum focused treasury firm BitMine (BMNR) purchased 65,341 ETH last week, valued at approximately $138 million at current market prices. The acquisition marks the third consecutive week of elevated buying activity as the firm accelerates its crypto accumulation strategy.
Following the latest purchase, BitMine now holds over 4.66 million ETH, representing roughly 3.86% of Ethereum’s circulating supply. The firm also increased its cash reserves to $1.1 billion, providing flexibility for further acquisitions or market opportunities.
Firm Maintains Long-Term Crypto Outlook Despite Unrealized Losses
Chairman Thomas Lee described the move as a strategic step toward the end of a prolonged crypto slump. According to Lee, Ethereum is in the final stages of a “mini-crypto winter,” and the firm expects broader market conditions to stabilize in the near term.
Despite this outlook, BitMine’s holdings currently reflect an estimated $7 billion unrealized loss due to recent declines in cryptocurrency prices. The company has maintained a weekly purchase pace above 50,000 ETH, signaling continued confidence in long-term market recovery.
Market Implications of BitMine’s Strategy
BitMine’s consecutive weekly purchases highlight growing institutional accumulation in Ethereum, even amid market downturns. The firm’s strategy underlines a broader trend of treasury-focused firms leveraging market weakness to expand crypto exposure while balancing liquidity through cash reserves.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.