- 65,341 ETH purchased by Bitmine in the past week
- Total holdings exceed 4.66 million ETH, representing 3.86% of supply
- $138 million acquisition at current market prices
- Cash reserves increased to $1.1 billion
- Three consecutive weeks of accelerated buying
- Estimated $7 billion unrealized loss on ETH holdings
Bitmine Immersion Technologies (BMNR) announced that it purchased 65,341 ethereum (ETH) last week, continuing its aggressive accumulation strategy during a broader market downturn. The acquisition is valued at approximately $138 million based on current ETH prices, reflecting the company’s commitment to expanding its crypto exposure despite recent price declines.
This latest move marks a continuation of the firm’s buying trend, as it increases its activity during what it views as a strategic entry phase in the market cycle. The purchase was disclosed in a Monday update, highlighting Bitmine’s growing presence within the Ethereum ecosystem. In a previous transaction, BMNR bought 60,999 ETH.
Total ETH Holdings Surpass 4.66 Million Tokens
Following the recent acquisition, Bitmine’s total ether holdings have now surpassed 4.66 million tokens, representing approximately 3.86% of Ethereum’s circulating supply. This significant share positions the firm among the largest institutional holders of ETH, reinforcing its long-term conviction in the asset. The steady increase in holdings also reflects a consistent strategy of accumulating during periods of market weakness. The company’s rapid expansion in ETH ownership has occurred over a relatively short period, signaling an aggressive capital deployment approach.
Bitmine has now increased its pace of purchases for three consecutive weeks, stepping up from a prior average of around 50,000 ETH per week. The shift indicates a deliberate acceleration in buying activity, aligning with the firm’s outlook on improving market conditions. At the same time, the company has strengthened its financial position by increasing its cash reserves to $1.1 billion. This combination of liquidity and active accumulation suggests a dual strategy of maintaining flexibility while continuing to expand crypto holdings. Strategy, led by Michael Saylor, acquired 1,031 BTC for $76.6 million, continuing its ongoing Bitcoin accumulation strategy. The company’s total holdings have now reached 762,099 BTC, reinforcing its position as the largest corporate holder of Bitcoin.
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