TL;DR:
- Bitmine acquired 126,971 ETH last week, its largest weekly purchase of 2026, valued at approximately $214 million.
- The firm raised its total holdings to 5.54 million ETH, equivalent to $9.3 billion, and controls 4.59% of the cryptocurrency’s circulating supply.
- Tom Lee justified the acquisitions by arguing that the price decline does not reflect Ethereum’s fundamentals.
Bitmine deepened its Ethereum accumulation pace last week and recorded its largest weekly purchase of 2026: 126,971 ETH at an approximate value of $214 million at current prices. The transaction stands in sharp contrast to the company’s behavior the previous week, when it had acquired just 26,497 tokens, and signals a reversal from the firm’s own messaging about slowing acquisitions as it approaches its strategic target of concentrating 5% of ETH’s circulating supply.
With this purchase, Bitmine’s total holdings rise to 5.54 million ETH, valued at around $9.3 billion. The firm also holds approximately $247 million in cash, a bitcoin position and stakes in Beast Industries and Eightco Holdings. The combined value of its crypto assets, liquidity and investments reaches $9.9 billion.
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BitMine provided its latest holdings update for June 8, 2026$9.6 billion in total crypto + "moonshots":
– 5,543,872 ETH at $1,630 per ETH per ETH (per@coinbase)
– 203 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $88 million stake in…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 8, 2026
Bitmine Takes Advantage of the Market Dip
The decision to expand its reserves is directly tied to the latest crypto market downturn. Ethereum (ETH) has accumulated a decline of approximately 65% from its August record and is trading at its lowest levels in over a year, leaving Bitmine with estimated unrealized losses of $9.6 billion. Despite that context, Thomas Lee, the company’s chairman and co-founder of Fundstrat, stated that “we increased our purchases because we believe this correction in ETH prices does not reflect the strengthening of Ethereum’s fundamentals“.
On another front, Bitmine announced that it plans to issue a dividend-paying preferred share class as a financing mechanism, replicating the model that Strategy popularized within the bitcoin ecosystem. That model has come under heavy scrutiny lately: STRC, Strategy’s preferred share class, fell to $90 on Friday, 10% below its face value, raising doubts about the company’s ability to sustain its dividend commitments under market downward pressure.
