The Ethereum treasury firm based by Wall Avenue analyst Tom Lee is now underwater by greater than $6.3 billion.
Bitmine paid a median value above $3,600 per ETH throughout its holdings, whereas Ethereum at the moment trades round $2,300 — a niche that has widened because the broader crypto market stays beneath stress.
But reasonably than pulling again, the corporate purchased extra final week than it ever has in a single week this yr.
Bitmine acquired 101,901 ETH between April 20 and April 27, pushing its complete holdings to five,078,386 ETH.
In keeping with a press launch from the corporate, this marks a brand new document for weekly shopping for tempo in 2026, edging previous the 101,627 ETH it bought the week earlier than. That earlier week had itself been the most important single-week purchase of the yr on the time.
JUST IN: 💰 BitMine bought 101,901 ETH final week, pushing its complete holdings previous 5 million ETH for the primary time — or 4.21% of complete Ethereum provide. pic.twitter.com/NFUi7oFKTt
— CoinMarketCap (@CoinMarketCap) April 27, 2026
10 Months To Attain A Historic Milestone
Lee known as the 5 million ETH milestone “astonishing,” noting it took the corporate simply 10 months to succeed in it. He mentioned Bitmine is shifting towards a longer-term aim of holding 5% of the overall ETH provide — a goal that might require buying thousands and thousands extra tokens at present provide ranges.
A part of the current accumulation included a direct buy from the Ethereum Basis. Studies point out Bitmine purchased 10,000 ETH from the Basis in an over-the-counter transaction, because the Basis continues promoting holdings to fund its operations.
Lee pointed to a number of analysis reviews as the idea for his bullish stance on ETH. He argues the asset is turning into a retailer of worth and can more and more be held as collateral as crypto spreads via mainstream finance.
He additionally cited demand from AI brokers that depend on public, impartial blockchains as one other progress driver for Ethereum.
Lee added that ETH has outpaced the S&P 500 in efficiency for the reason that begin of the US-Iran battle and known as it one of many best-performing property on the planet throughout that interval, behind solely crude oil.
BMNR Inventory Holds Regular Regardless of Heavy Losses On Paper
Shares of Bitmine — traded beneath the ticker BMNR — had been up roughly 1% at round $22 at Monday’s market open, in response to TradingView information.
The features had been modest. The inventory stays down greater than 20% year-to-date, monitoring intently with ETH’s personal decline of roughly 20% over the identical stretch.
Regardless of the losses, Bitmine exhibits no indicators of slowing its shopping for. The corporate’s newest buy alerts that administration views the present value as a chance, not a warning.
Featured picture from Unsplash, chart from TradingView
Editorial Course of for bitcoinist is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent evaluation by our workforce of prime know-how specialists and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.