On Monday, Ethereum (ETH) treasury firm Bitmine Immersion Technologies announced that it had further bolstered its ETH holdings by another 27,084 coins. Following the latest ETH acquisition, Bitmine has not stacked almost 4.7 percent of ETH’s circulating supply, getting very close to its 5 percent target.
Bitmine marches on with ETH accumulation
The Tom Lee-led firm continues to stack ETH despite the weakness displayed by the cryptocurrency over the past month. According to an update shared on Monday, Bitmine had bought ETH worth $43 million at an average price of $1,580 per unit.
Now, the company’s ETH holdings have climbed to around 5.7 million ETH, valued at approximately $8.9 billion according to current market prices. Besides ETH, Bitmine also holds 206 Bitcoin, $555 million in cash, and other assets.
What stands out about this purchase is that it is Bitmine’s smallest purchase since early May 2026. Earlier in June, the firm had bought 126,971 ETH, while last week, it added 52,203 ETH to its holdings.
Despite the recent slowdown seen in Bitmine’s purchases, it remains, by far, the largest corporate ETH buyer in the world. Along with Michael Saylor’s Strategy, Bitmine is the only major company that’s still actively adding digital assets to its balance sheet despite the fragile crypto sentiment.
Lee attributed crypto’s current weakness to quarter-end rebalancing. Essentially, investors are cutting their losses as the market enters the second-half of 2026. In a public statement, Lee said:
“This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins. We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months.”
Following the news of Bitmine buying ETH, the company’s stock, BMNR, pulled back 2.73 percent, trading at $13.19. On a year-to-date basis, the stock is down a mammoth 51.38 percent.
Is ETH ready to stage a reversal?
ETH’s poor price performance can be judged from the fact that it was recently eclipsed by Tether’s USDT stablecoin in market cap. While the flip was temporary, it shows that the market perceives ETH less valuable than the leading industry stablecoin.
However, efforts are being undertaken to help ETH’s price by reducing its active circulating supply. For instance, on June 19, institutional-grade staking firm Everstake reduced the minimum amount of ETH that can be staked to just 0.01 ETH.
