Bitmine Expands Ethereum Holdings With $41 Million ETH Purchase Despite Market Decline

Bitmine has continued its aggressive Ethereum accumulation strategy, purchasing another 25,000 ETH worth approximately $41 million. The latest acquisition further strengthens the company’s position as the largest corporate holder of Ethereum, even as eth remains under pressure in 2026.

Bitmine Adds 125,000 ETH in Three Days

According to onchain data shared by Lookonchain, Bitmine acquired 25,000 ETH on Wednesday through transactions linked to a wallet associated with its custody partner, BitGo. The latest purchase brings the company’s total acquisitions over the past three days to 125,000 ETH, valued at roughly $205 million at current market prices.

The buying pace closely matches Bitmine’s previous weekly disclosure. Earlier this week, the company reported purchasing 126,971 ETH for approximately $207 million, increasing its total Ethereum treasury to 5,543,872 ETH.

Company Nears Major Ethereum Ownership Target

Bitmine now controls about 4.59% of Ethereum’s circulating supply of 120.7 million ETH. The company is approaching its long-term goal of holding 5% of the total Ethereum supply, with roughly 92% of that target already achieved.

Ethereum Price Drop Creates Massive Paper Loss

Despite its growing holdings, Bitmine has faced significant unrealized losses as Ethereum continues to struggle. ETH has fallen more than 44% since the beginning of 2026 and is trading near $1,643. Based on current prices, the company’s Ethereum treasury is estimated to be carrying nearly $9.9 billion in paper losses.

Bitmine Chairman Tom Lee has previously stated that the company views Ethereum’s decline as disconnected from its underlying fundamentals. Instead of slowing purchases, the firm has accelerated its buying activity during the downturn.

New Capital Raise Supports Expansion

To support future growth, Bitmine recently filed plans to offer 3 million shares of Series A perpetual preferred stock carrying a 9.5% annual dividend. The shares are expected to trade on the New York Stock Exchange under the ticker BMNP, providing additional capital for the company’s expanding Ethereum treasury strategy.

Bitmine fell 3.46% to close Wednesday at $15.64.