Bitmine bought the dip, making its biggest ether purchase in 2026 as prices tanked

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitmine bought the dip, making its biggest ether purchase in 2026 as prices tanked The company bought 126,971 ETH last week, worth roughly $214 million at current prices, despite chairman Tom Lee's earlier calls to slow purchases. By Krisztian Sandor | Edited by Aoyon Ashraf Jun 8, 2026, 12:53 p.m. 2 min read Make preferred on Tom Lee, chairman of Bitmine and cofounder of Fundstrat, speaking at Consensus 2026 in Miami (CoinDesk) What to know : Bitmine bought 126,971 ether last week, bringing the firm's total crypto, cash and investment holdings to $9.9 billion. That was the company's biggest weekly acquisition in 2026 despite earlier calls for slowing purchases. "We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals," chairman Tom Lee said. Bitmine (BMNR), the largest Ethereum treasury company, ramped up its purchases of ether (ETH) last week, making its largest weekly purchase in 2026 as crypto prices tanked. The firm bought 126,971 ETH over the past week, worth roughly $214 million at current prices, Bitmine said on Monday, compared to 26,497 tokens the previous week and nearly 120,000 ETH the week before. The purchase lifted the firm's total holdings to 5.54 million ETH, worth some $9.3 billion at current prices, according to the report. The firm also held $247 million in cash, some bitcoin and stakes in Beast Industries and Eightco Holdings. The acquisition marks a reversal from the company's previous call to slow down accumulation as it nears its goal to corner 5% of ether's outstanding supply. The company now holds 4.59% of the token's supply and is set to reach the 5% goal later this year. "We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals," Bitmine chairman Thomas Lee said in a statement. Bitmine has remained one of the few large digital asset treasury firms still actively adding to its crypto holdings, while most peers have halted purchases and pivoted to sell as crypto prices turned sharply lower since October. That bet is sitting on an estimated $9.6 billion of paper losses as ETH fell to its weakest price in more than a year, down some 65% from its August record. The firm also unveiled plans to issue a preferred equity class that pays dividends to raise more funds, taking a page from bitcoin-centric Strategy's playbook. That model, however, has come under investor scrutiny . Investors are now debating whether Strategy will be able to comfortably pay its dividend obligations or shore up liquidity as bitcoin prices fell sharply last week. STRC, the firm's latest preferred share class, fell to $90 Friday, some 10% below its par value, underscoring those worries. Ethereum News Digital Asset Treasury More For You Strategy buys 1,550 bitcoin, first time since selling $2.5 million worth of BTC By James Van Straten | Edited by Aoyon Ashraf 42 minutes ago Strategy adds bitcoin and cash after raising $181 million through stock sales. What to know : Strategy purchased 1,550 bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion. Read full story Latest Crypto News Strategy buys 1,550 bitcoin, first time since selling $2.5 million worth of BTC 42 minutes ago Live updates: Bitcoin drops under $63,000 as Strategy adds $100 million BTC in latest purchase 50 minutes ago A crucial bitcoin market indicator is signaling that the worst of the crypto crash might be over 52 minutes ago Bybit challenges Wall Street with a massive push into tokenized U.S. stock IPOs 1 hour ago Crypto's recovery remains elusive as SpaceX, Anthropic IPOs loom 1 hour ago Bitcoin holds steady after Sunday's rally, though full-fledged reversal may take longer 1 hour ago Top Stories Bitcoin's rally to $63,700 triggers $504 million losses for short sellers, most since late April 7 hours ago Zcash bounces 45% as developers propose new 'Ironwood' upgrade 4 hours ago CME is letting traders bet on bitcoin volatility, not price, and two firms have already placed bets 4 hours ago Satoshi-era bitcoin at center of $285 billion lawsuit moves after 14 years Jun 6, 2026 Gold slips below 200-day moving average offering glimmer of hope for bitcoin bulls 2 hours ago A massive hiring wave reveals trading firms are no longer viewing Polymarket as a niche betting tool Jun 6, 2026