Bitmine has purchased another $213 million in Ethereum (ETH), lifting its treasury to 4.59% of the cryptocurrency's circulating supply as prices hold below $1,700.
Key Points:
- Bitmine added roughly $213 million in Ethereum last week, raising its stake to 4.59% of supply.
- The firm needs about $820 million more to hit its long-stated 5% target.
- Chairman Tom Lee bought through the dip and dismissed the broader crypto selloff as superficial.
Bitmine Nears 5% Ethereum Target
The Norwalk-based treasury firm bought close to 127,000 ETH for about $213 million last week, paying an average near $1,685 even as the token slid toward a one-year low. That purchase, its biggest of 2026, raised its total stash to 5.54 million ETH, now valued at roughly $9.32 billion. The company disclosed the buy in a statement on Monday.
That stake now equals 4.59% of Ethereum's circulating supply, ranking among the largest single positions ever documented on-chain for the asset.
To reach the 5% goal it brands the "Alchemy of 5%," the firm needs to buy around $820 million more at current prices. Last week it also filed for a $300 million preferred stock offering at a 9.5% dividend, echoing Strategy's playbook for funding crypto purchases. Most rival treasuries have paused buying or turned into sellers since the market peaked last autumn.
Also Read: Bitcoin Slides Below $62,500 As Failed Rally Revives Bear Market Fears
Tom Lee Stays Bullish
Chairman Tom Lee, the Fundstrat founder who runs the strategy at the world's largest Ethereum holder, framed the buying as conviction rather than caution. He called the wider crypto selloff a superficial take and tied the move to what he sees as the early stages of a crypto spring. Lee also argued that smarter AI systems will expose weak financial rails and lift demand for hardened blockchains like Ethereum, which in his view should not be under pressure.
"This pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals," Lee said. Analysts often read purchases of this size as a confidence signal from deep-pocketed, long-horizon investors.
Ethereum Tests Yearly Lows
Ether slid to about $1,505 on Sunday, its weakest level since April 2025, after breaking through every major support during a downturn that has dragged most major tokens lower since autumn. The token has now fallen roughly 68% from its 2025 peak, though it bounced back near $1,690 by Monday. The decline also carried price below the 200-week moving average near $2,471, a level that has rejected past rebounds.
Bitmine has built its position over roughly 11 months, buying through each leg of Ethereum's long fall from highs above $4,800 in 2025. Its weekly purchases have continued without pause, even as the treasury sank into more than $9 billion of unrealized losses. About 4.7 million of its tokens are staked, generating staking yield the firm uses to support its expansion.
Read Next: Is Claude Fable 5 Crypto's Next Big Security Nightmare?
