Bitmine Keeps 14-Month ETH Buying Pace as Ether Reclaims $2.5K

Tom Lee’s Bitmine Immersion Technologies has kept up its long-running push to build an Ethereum treasury, buying more ETH last week as Ether rebounded sharply after a prolonged slump. The latest disclosure shows the company continued its weekly accumulation streak, pushing its holdings to a level that brings it close to its self-set target for ETH ownership.

In a Monday update, Bitmine said it purchased 32,447 Ether (ETH) during the prior week, increasing its total to 5,847,611 ETH—about 4.8% of Ethereum’s circulating supply. The firm also said it has acquired ETH every week since launching its Ethereum treasury strategy on June 30, 2025, extending that buying cadence to roughly 14 months.

Key takeaways

• Bitmine bought 32,447 ETH last week, bringing total holdings to 5,847,611 ETH (about 4.8% of circulating supply).
• The company has been purchasing ETH weekly since June 30, 2025, maintaining the strategy for about 14 months.
• Bitmine says it is now 97% toward its goal of owning 5% of Ethereum’s ETH supply.
• It has staked 5.07 million ETH—around 87% of its holdings—tying a large share of its treasury to staking.
• As Ether rallied, unrealized losses tied to the treasury reportedly narrowed to below $5 billion from above $8.4 billion a week earlier, according to DropsTab.

Weekly ETH accumulation pushes Bitmine closer to its target

Bitmine’s newest purchase underscores a steady, long-horizon approach rather than opportunistic spot-buying tied to short-term market moves. The firm’s disclosure indicates that it has now executed weekly ETH buys since June 30, 2025, turning the strategy into an extended campaign rather than a single phase of accumulation.

With total holdings at 5,847,611 ETH, Bitmine is described as being 97% of the way to its stated objective of owning 5% of the ETH supply. That framing matters because it suggests the company is nearing the end of its target buildout—at least in terms of percentage-of-supply ownership—even though it may still decide how it manages future inflows, staking, and liquidity.

Staking dominates the portfolio as valuations swing

Beyond the raw size of the treasury, Bitmine also highlighted how much of its ETH is staked. The company reported staking 5.07 million ETH, representing about 87% of its holdings. From an investor perspective, that concentration can change how treasury risk is expressed: staked ETH ties the position to protocol mechanics and staking participation, while also potentially supporting yield assumptions the company may factor into its long-term plan.

Bitmine further reported combined holdings across crypto, cash, securities, and other investments totaling $14.9 billion. Together with staking and accumulation, this provides a snapshot of how the company finances and structures its ETH strategy rather than relying purely on market timing.

Ether’s rebound follows macro-driven Treasury buyback expectations

The timing of Bitmine’s latest purchase coincided with a broader market rebound—especially in Ether. According to the company’s disclosure, the purchase followed a sharp rally across ETH and the wider cryptocurrency market.

The article’s context links this rally to a US Treasury-related announcement: the US Treasury’s plans to double its monthly purchases of certain longer-dated Treasuries to $4 billion from $2 billion beginning next month, referenced via earlier Cointelegraph coverage. The connection drawn in the source is that the market interpreted the policy as supportive, with ETH outperforming Bitcoin after the announcement.

Ether gained more than 32% since the announcement and broke above $2,500 for the first time since January, according to CoinMarketCap data cited in the report. The ETH outperformance versus Bitcoin since last Wednesday is also noted, framing Bitmine’s accumulation as happening alongside a clear shift in market momentum.

Recovering prices narrow unrealized losses on the treasury

Bitmine’s extended buying during a downturn left the company exposed to large unrealized drawdowns when ETH prices fell. However, the same source says the recent recovery has reduced that gap materially.

DropsTab data cited in the report indicates Bitmine has invested more than $19.5 billion in its Ether treasury. As Ether prices recovered, its paper losses reportedly dropped to below $5 billion, down from more than $8.4 billion roughly a week earlier.

That narrowing matters because it highlights how the treasury’s financial optics can change quickly with market conditions, even when the company’s underlying behavior—weekly purchases and continued staking—remains consistent. In other words, Bitmine’s strategy may be long-term in design, but its disclosed unrealized results can still be highly sensitive to volatility.

More broadly, the episode illustrates the operational reality for any issuer or treasury operator managing digital assets: valuations can swing sharply, and accounting measures such as unrealized gains and losses can move in step with crypto price action. Even with a consistent accumulation plan, the timing of market rebounds can determine whether the strategy looks like it is “underwater” or “recovering” in any given reporting window.

As Bitmine approaches its stated 5% ETH supply goal—reported at 97%—readers should watch two things next: whether the company changes the pace of purchases as it nears target and how continued ETH staking affects liquidity, risk, and the timing of future disclosures when market volatility returns.