Bitmine Surpasses 4 Million ETH Holdings After $128M Buying Spree

Ethereum treasury firm Bitmine Immersion Technologies has crossed a major threshold after its Ether (ETH) holdings surpassed 4 million tokens this week, following a fresh $128 million purchase. 

Blockchain analytics platform Lookonchain reported that Bitmine bought an additional 29,462 ETH, valued at $88 Million, through custodians and Kraken. This purchase comes just days after the company disclosed crossing the 4 million ETH mark following a $40 million buy.

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Following the latest transitions, Bitmine’s total Ether holdings now stand at approximately 4.095 million ETH, based on company disclosures and on-chain data. Over the past week alone, Bitmine has accumulated more than 98,852 ETH, marking one of the largest short-term corporate Ethereum buying sprees to date.

According to the company, all tokens were acquired at an average price of $2,991 per ETH. Ether’s recent rebound toward the $3,000 level has returned Bitmine’s holdings to an unrealized profit, after the firm remained underwater following the broader market downturn in October.

“Bitmine continues to add steadily to its ETH holdings, adding 98,852 ETH in the past week, and Bitmine holdings now exceed the crucial 4 million ETH tokens,” said Bitmine Chairman Tom Lee. “This is a tremendous milestone achieved after just 5.5 months.”

Ether strategy gains tractions as price recovers

Bitmine’s Ether stash now represents about 3.36% of Ethereum’s total circulating supply of roughly 120.7 million ETH, according to company data. The firm has publicly stated its goal of eventually owning 5% of all ETH in circulation, a target it refers to internally as the “alchemy of 5%.” 

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At current market prices, Bitmine’s ETH holdings are valued at approximately $12.17 billion. Data from Strategic ETH Reserve suggests the company has already completed around two-thirds of its stated accumulation target.

“We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings,” Lee said.

Bitmine’s accumulation strategy mirrors earlier corporate Bitcoin treasury moves led by firms such as Strategy Inc., though Ethereum-based treasury strategies remain far less common at this scale.

Market impact and recent developments

Bitmine’s growth coincides with the rise in institutional interest in Ethereum as the tokenization, staking yield, and financial infrastructure based on blockchain are expected. The company said it plans to deploy a proprietary staking solution in early 2026 to generate yield on its holdings.

“We continue to make progress on our staking solution known as The Made in America Validator Network (MAVAN). This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026,” Lee said.

Meanwhile, Bitmine’s stock (BMNR) has risen more than 600% over the past six months, coinciding with the launch of its Ethereum treasury strategy in June. The company now ranks among the most actively traded stocks in the U.S., reflecting heightened investor attention.

Although the strategy of Bitmine emphasizes the increasing trust in Ethereum as a future investment, it also shows the concentration risks and market power associated with big corporate crypto holdings.

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