Bitmine continues to increase its holdings in Ethereum for 14 months, and Ethereum exceeds US$2,500

Bitmine continues to increase its holdings in Ethereum, accelerating its accumulation during the market rebound.

Bitmine Immersion Technologies, a company listed on the New York Stock Exchange led by Tom Lee, disclosed that it continued to increase its holdings in Ethereum reserves last week-adding 32,447 ETH, when the token rebounded sharply after a long decline. According to an update released by the company on Monday, the purchase increased Bitmine's total Ethereum holdings to 5,847,611 ETH units.

The latest buying speed continues the company's near-continuous accumulation pace, in line with its established Ethereum reserve strategy launched on June 30, 2025. With the company now pledging most of its positions, the disclosure also reveals how the value of large spot reserves can fluctuate as markets turn.

Key Points

· Bitmine purchased 32,447 ETH units last week, bringing its total holdings to 5,847,611 ETH units-approximately 4.8% of Ethereum's circulating supply.
·The company stated that it has been purchasing ETH every week since June 30, 2025, and its consecutive purchase record has lasted for approximately 14 months.
· Bitmine is close to 97% of its target of having 5% of Ethereum supply.
·Among its Ethereum holdings, 5.07 million ETH are in pledge status-accounting for approximately 87% of Bitmine's total holdings.
·Previous losses caused by the decline in ETH have narrowed, with DropsTab data showing that unrealized book losses have dropped to less than $5 billion from more than $8.4 billion about a week ago.

As the rebound accelerates, Bitmine continues to increase its holdings in Ethereum

Bitmine's disclosure on Monday confirmed that last week's ETH purchase was not an isolated event-it continued a pattern that has accumulated weekly since the company launched its Ethereum reserve strategy on June 30, 2025. As Ethereum prices stabilize and then rise, the company's latest purchases come at a point when portfolio valuations have improved compared to previous declines.

According to reports, Bitmine currently holds 5,847,611 ETH units, accounting for approximately 4.8% of Ethereum's circulating supply. The company also reiterated that it is approaching its goal: it is reported to be 97% close to its goal of owning 5% of Ethereum supply.

Bitmine's shares traded on the New York Stock Exchange opened up about 8.7% this week after its share price has risen nearly 28% in the past six months. While stock price movements are not entirely determined by cryptocurrency prices, the timing highlights how investors may respond to disclosures of reserve activity on the chain during periods of market volatility.

How pledge and reserve size shape risk characteristics

The company's Ethereum positions are not only large, but most of them have been pledged. Bitmine reported that it pledged 5.07 million ETH units, accounting for approximately 87% of its holdings. Pledge does not eliminate price risk, but it changes the way reserves reap benefits while taking risks to the market value of Ethereum.

Bitmine also provides a broader overview of its balance sheet, reporting a total of $14.9 billion in cryptocurrencies, cash, securities and other investments. This is important for readers who focus on reserve strategies, because valuation gaps in cryptocurrency holdings can be affected by the size of capital the company holds outside digital assets, and whether those assets are highly liquid or locked or pledged, thereby being buffered or amplified.

In practice, a reserve that continues to be bought during a decline may accumulate large unrealized losses during a bear market. When markets rebound-especially sharply-these losses can narrow quickly, improving net asset values on paper even if underlying strategies and risk exposures remain unchanged.

Why the Ethereum rebound was crucial to Bitmine's book losses

Bitmine's accumulation during the decline left it facing huge unrealized losses as ETH prices fell. However, recent recovery has significantly narrowed this gap. DropsTab data cited in the disclosure showed that Bitmine has invested more than $19.5 billion in its Ethereum reserves, while unrealized losses have dropped to less than $5 billion from more than $8.4 billion about a week ago.

The reported volatility highlights a key operational challenge facing crypto reserves: Digital asset valuations can change rapidly, sometimes in both directions, forcing investors to think in terms of mark-to-market exposure, rather than just realized gains and losses. For companies that are building long-term crypto reserves, this volatility becomes part of the investment story-even if the buying pace remains stable.

Bitmine's latest purchase is also in line with broader market trends. Since the U.S. Treasury Department announced last Wednesday that it plans to double its monthly purchases of certain longer-term U.S. Treasury bonds from $2 billion to $4 billion starting next month, Ethereum has outperformed Bitcoin. CoinMarketCap data cited in the disclosure showed that Ethereum has risen more than 32% since the announcement, exceeding $2500 for the first time since January. For reserve operators like Bitmine, this price move can quickly shift the narrative from "decline management" to "valuation recovery," even as the company continues to implement the same acquisition strategy.

Background to reserve accumulation: What investors should pay attention to

Bitmine is approaching its target of 5% of Ethereum supply while maintaining a high proportion of pledge allocation. This combination-continued cash accumulation coupled with high pledge participation rates-may affect how the market interprets the company's long-term commitment to Ethereum.

Still, there are several important issues to pay attention to for investors monitoring the strategy. One is whether Bitmine can continue to buy ETH every week if market fluctuations occur again. The second is how much of the Ethereum it holds is held in a deployable form rather than locked in pledge. Finally, broader macro developments-such as how U.S. Treasury policy and liquidity conditions continue to affect risky assets-may determine whether the current rebound in Ethereum continues or fades.

For now, the immediate point of observation is whether Bitmine's continued weekly purchases will maintain the same pace as its unrealized losses improve, and whether Ethereum's upward momentum can be sustained beyond the post-announcement rebound.