Bitmine Buys 126,971 ETH as Ethereum Price Drop Sparks Biggest Purchase of 2026

Bitmine significantly increased its Ethereum holdings last week, purchasing 126,971 ETH in what became its largest weekly acquisition of 2026. Based on current market prices, the purchase is worth approximately $214 million.

The latest accumulation comes as Ethereum continues to trade well below its previous highs. Despite the weakness in price, Bitmine moved aggressively to expand its position, raising its total holdings to 5.54 million ETH. The company said its combined crypto, cash, and investment holdings now stand at approximately $9.9 billion.

Ethereum Treasury Strategy Remains Unchanged

The purchase marks a notable shift from earlier comments by chairman Thomas Lee, who had suggested the company could slow its buying pace as it approached its long-term target. Bitmine currently controls around 4.59% of Ethereum’s circulating supply and remains on track to reach its goal of holding 5% of the total supply later this year.

Thomas Lee Sees Strong Ethereum Fundamentals

Thomas Lee said the company increased purchases because it believes the recent decline in Ethereum prices does not reflect the network’s strengthening fundamentals. While many digital asset treasury firms have reduced exposure or paused acquisitions during the broader market downturn, Bitmine has continued adding to its holdings.

The company also revealed plans to introduce a preferred equity class that would pay dividends and help raise additional capital. The strategy mirrors financing methods increasingly used by crypto treasury firms seeking long term exposure to digital assets despite ongoing market volatility.