Key Takeaways
- Bitmine Immersion Technologies added about $41 million worth of ether last week.
- The company now holds over $16.2 billion in ETH, or more than 4.9% of the current supply.
- Bitcoin treasury firms Strategy and Strive both announced BTC buys on Monday, as well.
Bitmine Nears 5% ETH Supply Target
Bitmine said Monday that it obtained an additional 15,112 ETH over the last week. That pushed the firm’s total holdings to over 6.016 million ETH, worth about $16.27 billion at the current ether price near $2,710. The firm now holds over 4.9% of the ETH supply, nearing its long-stated 5% target.
“We believe that as crypto enters a cycle we view as a bull market, what is notable is Bitmine’s share price outperformance of ETH during the bear market of 2025-2026. In the first 9 months of 2026, ETH declined 10% while BMNR was down by 3%, or outperformance of 731bp,” said Bitmine Chairman Tom Lee, in a statement.
Lee said the firm has repurchased over 21 million BMNR shares so far in 2026 in an effort to drive shareholder value. At BMNR’s recent price of $26.60, the buyback is valued at more than $558 million so far this year. The chairman also pointed to ways in which the price of ETH is beating the broader market of late.
“The outperformance of ETH by 6,832bp relative to the S&P 500 in 3Q26 is notable considering the substantial macro headwinds that emerged in the quarter including a ‘hawkish’ Fed, surging oil, rise in global bond yields and general tightening of financial conditions,” he said. “Quarter to date, ETH is outperforming by 6,832bp, dwarfing other macro assets.”
The price of ETH is down about 9% since the start of the year, but has jumped more than 51% in the last three months amid a broader crypto market rebound.
Bitmine isn’t the only prominent crypto treasury firm to announce a purchase on Monday. Strategy, the bitcoin treasury giant that popularized the crypto accumulation model, now holds over $72.5 billion worth of bitcoin after adding about $28.7 million worth last week.
Meanwhile, Strive added 2,000 bitcoin (about $169 million worth) last week, bringing its stash to 29,462 BTC—valued above $2.5 billion.
