Bitmine Immersion Technologies, the largest publicly listed corporate holder of Ether, says it has added another large batch of ETH to its treasury. The purchase—announced in a Tuesday release—moves the company closer to its stated objective of acquiring 5% of Ethereum’s total supply.

According to Bitmine’s announcement, the firm bought 28,086 ETH last week. The amount was valued at roughly $69.5 million and brings Bitmine’s total holdings to 5.93 million ETH, accumulated at an average cost of $2,495 per ETH.

Key takeaways

Bitmine purchased 28,086 ETH last week, bringing total holdings to 5.93 million ETH.
The company says its treasury is near its target: it has completed 97% of the plan to reach 5% of total Ether supply.
Bitmine reported $15.7 billion in total assets, including $593 million in marketable securities and 5.1 million staked ETH.
Third-party figures cited in the report indicate Bitmine faces $5.1 billion in unrealized losses on its ETH exposure.

A steady accumulation strategy nears its stated 5% target

Bitmine’s latest buy is part of a longer accumulation program that began with the company’s goal of reaching a significant share of Ether supply over a limited timeframe. In the same Tuesday announcement, Bitmine stated that it has completed 97% of its effort to acquire 5% of the total Ether supply within 15 months.

Earlier coverage linked Bitmine’s progress to a persistent buying streak led by chairman Tom Lee. In the week preceding this announcement, Bitmine said it acquired 53,501 ETH, pushing its holdings to account for 4.9% of Ethereum’s 120.7 million circulating supply.

With the new purchase, Bitmine is effectively tightening the final gap toward the 5% benchmark. For investors, that matters because it suggests the firm is treating Ether not as a trading position but as a treasury allocation—one that will continue to draw attention to how corporate buyers balance accumulation against mark-to-market swings.

Staked Ether and treasury economics

Bitmine also highlighted the role of staking in its balance-sheet setup. The company reported $15.7 billion in total assets, including $593 million in marketable securities and exposure to other crypto holdings alongside its growing ETH inventory.

Crucially, Bitmine said it holds 5.1 million staked ETH, which it expects to produce $330 million in annualized staking revenue. The claim is tied to general expectations around staking yield and is referenced alongside broader coverage of Ethereum staking-linked themes, including an SEC filing and staking revenue discussions reported by Cointelegraph.

For market participants, the key question isn’t only whether Bitmine can keep buying ETH, but also how staking cash flows may partially offset unrealized losses during price drawdowns. Staking revenue can provide a different lens on performance compared with pure spot price exposure—especially when a company’s ETH position is large enough to dominate its treasury narrative.

Unrealized losses widen as Ether weakens

The company’s accumulation continues even as Ether has remained under pressure. The report cites Dropstab data indicating Bitmine is currently facing $5.1 billion in unrealized losses on its ETH holdings.

Ether’s market price has also moved lower versus early 2026 levels. CoinMarketCap data referenced in the article shows Ether was trading around $2,469 at 1:29 pm UTC on Tuesday, after being down 16% since the start of 2026. Against Bitmine’s average acquisition price of $2,495 per ETH, the latest buy is being added at levels close to (and slightly below) that cited average, underscoring how incremental purchases can still be made even when price remains soft.

That combination—continued buying at prevailing prices while showing very large unrealized drawdowns—can be difficult for equity holders to interpret because it creates a moving gap between cost basis and current valuation. The stock reaction can therefore depend as much on expectations for staking-related earnings and future accumulation pacing as on ETH’s spot trajectory.

Shares and equity market reaction

As Bitmine’s ETH treasury expands, its publicly traded stock also draws scrutiny. The article notes that Bitmine’s NYSE-listed shares (ticker: BMNR) were down more than 2% at Tuesday’s market open, implying the stock could extend its year-to-date decline into double digits.

Yahoo Finance tracking cited in the piece provides the market snapshot for investors watching whether the equity market is treating the ETH accumulation as a value-creating thesis or as a risk factor amid broader crypto volatility.

While the company’s latest purchase reinforces its commitment to its 5% goal, the equity market’s willingness to look past mark-to-market losses appears to be shaped by near-term price direction and by whether investors believe staking revenue assumptions and operational execution will ultimately translate into stronger shareholder outcomes.

Going forward, readers should watch two things: whether Bitmine reaches its stated 5% of total Ether supply target on schedule, and how staking revenue expectations compare with realized performance as ETH prices fluctuate. The uncertainty remains straightforward—without clarity on future yield, pricing, and treasury valuation effects, the gap between long-term accumulation goals and short-term market sentiment will likely stay in focus.