Tom Lee’s BitMine Buys $41M in ETH as Ethereum Treasury Nears 5% Supply Target

TLDR

• BitMine bought 25,000 ETH worth about $41M, according to on-chain data.
• Lookonchain said BitMine acquired about 125,000 ETH over three days.
• BitMine holds 5,543,872 ETH, equal to about 4.59% of supply.
• The firm is 92% of the way toward its 5% Ethereum supply target.
• Ethereum traded near $1,642.70, down over 44% since early 2026.

BitMine Immersion Technology has bought another 25,000 ETH worth about $41 million, according to on-chain data, continuing its rapid Ethereum accumulation strategy as the company moves closer to holding 5% of the total ETH supply.

Blockchain analytics platform Lookonchain said the latest purchase occurred on Wednesday at about 11:22 a.m. ET, with funds transferred from a BitGo hot wallet. BitGo serves as BitMine’s custody partner. BitMine has not yet confirmed the transaction through an official disclosure, as the company usually provides treasury updates weekly.

The purchase follows a period of aggressive buying by the company chaired by Tom Lee. Lookonchain data showed BitMine acquired about 125,000 ETH over three days, worth roughly $205 million to $206 million at current market prices.

Why is BitMine buying more Ethereum during the selloff?

BitMine is adding Ethereum because its treasury strategy is focused on reaching close to 5% of ETH supply. The company has continued buying even as Ethereum trades sharply below earlier 2026 levels.

BitMine disclosed earlier this week that it purchased 126,971 ETH last week for about $207 million. That brought its total treasury to 5,543,872 ETH, equal to 4.59% of Ethereum’s circulating supply of about 120.7 million tokens.

The company is now about 92% of the way toward its 5% supply target. Lee has described the strategy as “Alchemy of 5%,” although he recently suggested BitMine may not need to buy beyond that level.

How much has BitMine lost on its ETH holdings?

BitMine is reportedly sitting on about $9.9 billion in unrealized losses on its Ethereum holdings. Ethereum is down more than 44% since the start of 2026 and recently traded near $1,642.70.

DropsTab data estimated the company’s paper loss at nearly $10 billion. Despite that decline, Lee has said Ethereum’s pullback has led BitMine to accelerate its buying because the company does not view the price drop as a reflection of Ethereum’s fundamentals.

BitMine has also moved to raise capital through preferred stock. Earlier this month, the company filed to offer 3 million shares of Series A perpetual preferred stock with a 9.5% annual dividend rate on a $100 per-share amount. The preferred stock is expected to list on the New York Stock Exchange under the ticker BMNP.

BitMine shares fell 3.46% on Wednesday to close at $15.64. The stock move came as ETH remained under pressure and investors continued to assess the company’s treasury strategy.

What does the Ethereum network data show as BitMine buys ETH?

Ethereum continues to show wallet growth even as price sentiment remains weak. Santiment data showed Ethereum is approaching 200 million non-empty wallets, with nearly 195 million currently active by that measure.

Ethereum has about 230% more non-empty wallets than Bitcoin’s roughly 59 million. The network’s growth has been tied to DeFi, staking, stablecoins, token activity, and broader on-chain usage.

At the same time, Ethereum’s price remains technically weak. ETH failed to reclaim its February lows, and traders are watching the $1,550 support area. A move below that level would place Ethereum at risk of further downside.

Source: X

Lee has argued that Ethereum can serve as a long-term settlement infrastructure and may benefit from agentic AI, where autonomous software systems use blockchain for fast payments and verifiable records.

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