Bitmine Adds Another $41M in Ether as Corporate Treasury Push Nears 5% Supply Goal

Bitmine has reportedly expanded its Ethereum holdings once again, acquiring an additional $41 million worth of ETH as it continues to build the largest corporate Ethereum treasury in the market.

Data shared by blockchain analytics firm Lookonchain indicates that Bitmine purchased 25,000 ETH on Wednesday, with transaction records showing the assets were transferred from a wallet associated with its custody provider, BitGo. While the company has not yet publicly disclosed the transaction, Bitmine typically reports treasury activity through weekly updates.

The latest purchase adds to an aggressive buying spree that has seen the company accumulate approximately 125,000 ETH over the past three days. Based on current market prices, those acquisitions are valued at roughly $205 million.

The reported buying activity closely follows Bitmine’s most recent treasury update. Earlier this week, the company revealed that it had acquired 126,971 ETH for around $207 million during the previous week, increasing its total holdings to 5.54 million ETH. The position represents about 4.59% of Ethereum’s circulating supply, bringing Bitmine within striking distance of its long-term objective of controlling 5% of all ETH in circulation.

Bitmine’s continued accumulation comes during a challenging period for Ethereum. The second-largest cryptocurrency by market capitalization has fallen more than 44% since the beginning of 2026 and was recently trading near $1,643. The downturn has left the company with an estimated $9.9 billion in unrealized losses on its Ethereum reserves.

Despite the drawdown, Bitmine leadership remains committed to its strategy. Chairman Tom Lee has previously stated that the firm views the market weakness as a buying opportunity rather than a reflection of Ethereum’s underlying value, prompting the company to accelerate purchases during the decline.

The company has also been pursuing new funding avenues to support its treasury operations. Earlier this month, Bitmine filed plans to issue 3 million shares of Series A perpetual preferred stock carrying a 9.5% annual dividend. The security is expected to trade on the New York Stock Exchange under the ticker BMNP and has drawn comparisons to similar capital-raising structures used by corporate crypto treasury firms.

Shares of Bitmine closed Wednesday down 3.46%, ending the session at $15.64 as investors continued to monitor both the company’s aggressive Ethereum strategy and broader market conditions.