Bitmine Boosts Ethereum Holdings With Largest ETH Purchase of 2026 Amid Crypto Market Sell-Off

Bitmine (NYSE: BMNR), the largest Ethereum treasury company, significantly increased its Ether (ETH) accumulation last week, recording its biggest weekly ETH purchase of 2026 despite a sharp downturn in the cryptocurrency market.

According to the company's latest update, Bitmine acquired 126,971 ETH over the past week, valued at approximately $214 million based on current market prices. The latest purchase marks a substantial increase from the 26,497 ETH acquired the previous week and follows another major acquisition of nearly 120,000 ETH two weeks earlier.

The aggressive buying strategy has pushed Bitmine’s total Ethereum holdings to 5.54 million ETH, currently worth around $9.3 billion. In addition to its ETH reserves, the company reported holding approximately $247 million in cash, along with Bitcoin holdings and equity stakes in Beast Industries and Eightco Holdings.

The renewed accumulation comes after Bitmine previously suggested it would slow its Ethereum purchases as it approached its long-term objective of controlling 5% of ETH’s circulating supply. The firm now owns roughly 4.59% of Ethereum’s outstanding supply and remains on track to reach the 5% milestone before the end of 2026.

Bitmine Chairman Thomas Lee said the company accelerated its ETH buying because management believes the recent decline in Ethereum prices fails to reflect the network’s improving fundamentals and long-term growth prospects.

While many digital asset treasury firms have paused acquisitions or begun reducing their crypto exposure amid weakening market conditions, Bitmine continues to expand its position. However, the strategy has resulted in an estimated $9.6 billion in unrealized losses as Ethereum prices have fallen about 65% from their August peak, reaching their lowest level in more than a year.

The company also announced plans to launch a new preferred equity offering that will pay dividends, a fundraising approach similar to the strategy employed by Bitcoin-focused firm Strategy. The move comes as investors increasingly scrutinize dividend-backed crypto treasury models, particularly after Strategy’s preferred shares traded below par value following recent weakness in Bitcoin prices.