Bitmine Acquires 28,000 ETH, Reaches 97% of Treasury Target

Bitmine Immersion Technologies said it has added another tranche of Ether, tightening the gap between its current holdings and a long-stated corporate target to accumulate 5% of Ethereum’s total supply. The new purchase extends a streak of periodic ETH buys led by chairman Tom Lee, as the company positions its treasury around staking-linked yield.

In an announcement released Tuesday via PR Newswire, Bitmine reported acquiring 28,086 ETH last week. At the time of the filing, the company said the purchase is worth roughly $69.5 million, taking its total Ether holdings to 5.93 million tokens acquired at an average price of $2,495 per ETH.

Key takeaways

• Bitmine purchased 28,086 ETH last week, lifting total holdings to 5.93 million ETH.
• The company says its average acquisition cost is $2,495 per ETH and that the new stake-related positioning supports annualized staking revenue expectations.
• Bitmine reported it has completed 97% of its goal to reach 5% of Ethereum’s total supply within 15 months.
• Third-party tracking indicates Bitmine faces about $5.1 billion in unrealized losses on its Ether treasury, amid ETH weakness in 2026.
• Bitmine’s NYSE-listed shares were down more than 2% at Tuesday’s market open, according to Yahoo Finance.

Ether accumulation keeps the 5% goal in focus

Bitmine’s latest move builds on an acquisition campaign that has been closely tied to its stated objective of owning a substantial share of Ethereum. In the same PR Newswire release, the company said it has now completed 97% of the plan, with the timing framed around a 15-month window.

Just days earlier, Bitmine said it completed a 53,501 ETH purchase, which pushed its holdings to about 4.9% of Ethereum’s 120.7 million circulating supply. With the newest addition, the company is drawing nearer to a target that would make it one of the most concentrated corporate Ether treasuries globally.

Bitmine also reiterated its leadership role in the effort. Earlier coverage from Cointelegraph described Bitmine’s ongoing Ether buying streak and Tom Lee’s involvement in steering the treasury strategy.

How the treasury is financed: assets, staking, and expected revenue

Beyond the headline purchases, Bitmine provided a snapshot of its balance sheet. The company said it has $15.7 billion in total assets, including $593 million in marketable securities, cash and other cryptocurrency holdings. It also reported 5.1 million Ether is staked.

The release connects that staking position to an outlook for yield, stating that staked ETH is expected to generate $330 million in annualized staking revenue. Separately, Cointelegraph has previously covered similar staking-related dynamics in the context of evolving institutional Ethereum access, including Fidelity’s staking-linked developments reported around an ETF filing.

For investors, the practical significance is that Bitmine’s strategy is not only about accumulating ETH at scale, but also about capturing ongoing network rewards. That can influence how shareholders evaluate the company’s treasury performance during drawdowns—particularly when ETH’s spot price fluctuates while staking economics continue to accrue.

Mark-to-market pressure remains as Ether trades lower

Even with an aggressive accumulation plan, Bitmine’s reported performance is constrained by the market’s direction. According to Dropstab data cited in the article, the company is facing $5.1 billion in unrealized losses on its Ether holdings.

The pressure aligns with broader price weakness in 2026. Ether has fallen 16% since the beginning of the year and was trading at $2,469 at 1:29 pm UTC on Tuesday, according to CoinMarketCap. With Bitmine’s stated average purchase price at $2,495 per ETH, the company’s treasury remains exposed to the same valuation swings affecting the wider market.

Equity reaction and what to watch next

Bitmine’s stock performance also reflects investor uncertainty around the timing and durability of crypto sentiment. Yahoo Finance data cited in the report showed the company’s NYSE-traded BMNR shares were down more than 2% at Tuesday’s market open, with the stock positioned to deepen its year-to-date decline into double digits.

In the near term, the most important question for readers is whether Bitmine can keep aligning new purchases with its 5% target timeline while managing the risk of continued volatility. The company has laid out a clear operational roadmap—weekly or periodic acquisitions alongside a large staked position—but the outcome still depends on Ethereum’s price trajectory and the pace of additional buying required to close the remaining gap to its stated supply share.

As the campaign progresses, investors may want to track three things closely: the pace of additional ETH acquisitions needed to reach (and sustain) the 5% goal, changes to Bitmine’s balance sheet composition and staking throughput, and how equity markets respond to the gap between long-term treasury strategy and near-term mark-to-market losses.