In a week marked by sharp declines in the cryptocurrency markets, Bitmine has made headlines with a bold move, ramping up its Ethereum acquisitions. The firm scooped up 126,971 ETH in just one week, marking its largest weekly purchase for 2026. With this transaction, Bitmine’s total Ethereum holdings soared to 5.54 million ETH, a sum valued at approximately $9.3 billion at current market prices.
Purchasing spree accelerates amid market downturn
Bitmine’s latest acquisition far exceeded its previous buying pace. The firm bought 26,497 ETH the week prior and around 120,000 ETH the week before that. With this most recent purchase, Bitmine now owns about 4.59% of the circulating Ethereum supply.
Widely recognized for its digital asset treasury management strategy, Bitmine also disclosed that it currently holds $247 million in cash. Beyond Ethereum, its portfolio includes a smaller amount of Bitcoin and equity investments in Beast Industries and Eightco Holdings.
Chairman of the Board Thomas Lee stated that the company increased its purchases because, in their view, the recent ETH price drop does not reflect the strengthening fundamentals of the Ethereum network.
Previously, Bitmine’s management indicated plans to slow accumulation as its ownership targets neared. However, with ETH trading roughly 65% below its August peak, the company chose to accelerate buying. Bitmine described the latest transaction as its single largest Ethereum purchase of the year.
Plans for new capital raise on the horizon
The company also announced plans to introduce a new class of preferred shares, designed to offer dividend payments to investors. The objective is to raise fresh capital and fund further digital asset acquisitions. This approach draws comparisons to the model used by the Bitcoin-focused treasury firm Strategy.
Glossary: Preferred shares grant certain investors additional rights such as priority for dividends or asset distribution in the event of liquidation. A dividend is a cash payment made to shareholders from the company’s profits.
On Friday, Strategy’s preferred shares traded under the ticker STRC closed at $90 per share, about 10% below par value. Following Bitcoin’s recent plunge, market watchers have started questioning whether Strategy can maintain regular dividend payments.
Bitmine also revealed that, due to the price weakness, it currently sits on an unrealized loss of about $9.6 billion on its Ethereum holdings. Nevertheless, the company continued accumulating, even as some digital treasury firms paused their purchases since October.
Year end targets remain firm
Despite the ongoing market volatility, Bitmine reaffirmed its goal of reaching 5% of the total Ethereum supply by year-end. The company underscored that its targets remain unchanged, finishing the week with 5.54 million ETH and $247 million in cash reserves.
