Bitmine, the largest Ethereum treasury company, bought 126,971 ETH last week worth approximately $214 million, marking its biggest weekly acquisition in 2026. The purchase brings its total crypto, cash, and investment holdings to $9.9 billion, including 5.54 million ETH (4.59% of supply). This reverses Chairman Tom Lee's earlier calls to slow purchases as the company nears its 5% supply goal. Lee stated the pullback in ETH prices does not reflect strengthening Ethereum fundamentals. Bitmine remains one of the few large digital asset treasury firms still adding to holdings while most peers have halted purchases. The bet faces an estimated $9.6 billion in paper losses as ETH fell 65% from its record. To raise more funds, Bitmine plans to issue a preferred equity class paying dividends, similar to Strategy's model, which has drawn investor scrutiny amid falling crypto prices.

Key facts

• Bitmine bought 126,971 ETH (~$214M) in largest weekly purchase of 2026.
• Total holdings reach $9.9B, including 5.54M ETH (4.59% of supply).
• Chairman Tom Lee says pullback doesn't reflect Ethereum fundamentals.
• Paper losses estimated at $9.6B as ETH fell 65% from record.
• Bitmine plans preferred equity to raise funds, similar to Strategy.

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