BitMine Crosses 4M ETH With $300M Purchase

BitMine Immersion Technologies, an ether-focused treasury firm led by Fundstrat’s Thomas Lee, has surpassed the 4 million ETH milestone following its latest acquisition of 98,852 ether valued at roughly $300 million. The purchase brings the company’s total ETH holdings to about 4.06 million tokens, representing nearly 3.4% of Ethereum’s circulating supply.

Despite recent weakness in crypto prices, BitMine continued accumulating ETH while other digital asset treasuries slowed purchases or turned into net sellers. Ether declined sharply during the acquisition window, falling below $2,800 before rebounding above $3,000, which lifted BitMine’s shares in pre-market trading.

The company also maintained $1 billion in cash reserves, unchanged over the week. While its ETH holdings are currently valued at over $12 billion, BitMine is estimated to be sitting on more than $3 billion in unrealized losses. Still, the firm remains on track toward its long-term goal of owning 5% of ETH’s total supply.

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