Bitmine acquires 28,000 ETH units, achieving 97% treasury accumulation target

Bitmine Immersion Technologies: Increase its holdings of 28,086 ETH units, approaching the total supply target of 5%

Bitmine Immersion Technologies, the world's largest publicly listed Ethereum (ETH) holder, announced that its treasury has added a large number of ETH units. The purchase, announced on Tuesday, marks a step closer to the company's stated goal of obtaining 5% of Ethereum's total supply.

According to Bitmine's announcement, the company purchased 28,086 ETH units last week, worth approximately US$69.5 million. The move brought Bitmine's total holdings to 5.93 million ETH units, with an average cost of US$2495 per unit.

Core Points

• Bitmine purchased 28,086 ETH units last week, raising its total position to 5.93 million units.
• The company said its treasury reserves are close to its target: 97% of its total plan has been completed and it aims to obtain 5% of Ethereum's total supply.
• Bitmine reported total assets of US$15.7 billion, including US$593 million in marketable securities and 5.1 million pledged ETH.
• Third-party data cited in the report shows that Bitmine faces an unrealized loss of US$5.1 billion on ETH exposure.

Robust accumulation strategy approaches established 5% target

Bitmine's latest buying behavior is part of its long-term accumulation plan that starts with the company's goal of obtaining a significant proportion of Ethereum supply over a limited period of time. In the same Tuesday announcement, Bitmine said it was 97% progress on completing its plan to obtain 5% of Ethereum's total supply within 15 months.

Previous reports have linked Bitmine's progress to a continuing buying trend led by Chairman Tom Lee. One week before this announcement, Bitmine said it had acquired 53,501 ETH units, giving its position 4.9% of Ethereum's 120.7 million units in circulation. With new purchases completed, Bitmine is effectively closing the final gap towards the 5% benchmark.

The move is significant for investors because it shows that the company views Ethereum as a treasury configuration rather than a trading position-which will continue to draw attention to how corporate buyers balance market value fluctuations as they accumulate.

Pledges ETH and Treasury Economics

Bitmine also emphasized the role of pledges in its balance sheet structure. The company reported total assets of $15.7 billion, including $593 million in marketable securities and other crypto asset exposures that coexist with its growing ETH inventory.

The key is that Bitmine holds 5.1 million pledged ETH and is expected to generate pledge revenue of US$330 million per year. The statement is based on general market expectations for pledge revenue and is linked to broader topics related to Ethereum pledges, including SEC filings and pledge revenue discussions reported by Cointelegraph.

The key question for market participants is not only whether Bitmine can continue to buy ETH, but also whether pledged cash flow can partially offset unrealized losses during periods of price decline. Compared to the situation where a company's large ETH position dominates its treasury narrative, pledge income provides a different performance perspective than pure spot price exposure.

As Ethereum weakens, unrealized losses widen

Despite continued pressure on Ethereum, the company's accumulation continues. The report cited Dropstab data as stating that Bitmine currently faces unrealized losses of US$5.1 billion on its ETH positions.

The market price of Ethereum has also dropped compared with the level at the beginning of 2026. CoinMarketCap data quoted in the article showed that at 1:29 pm EST on Tuesday, Ethereum traded at approximately US$2469, a drop of 16% since the beginning of 2026. Given that Bitmine's average purchase price is US$2495 per ETH, the price level of the latest purchases is close to (and slightly below) the quoted average, highlighting that incremental purchases can be made even in the face of weak prices.

This combination of "continuing to buy at current prices" and "showing significant unrealized retractions" makes it difficult for equity holders to interpret because it creates a dynamic gap between the cost base and current valuations. As a result, the stock price response may also depend on expectations for pledge-related gains and future accumulation pace, rather than just the spot trend of ETH.

Shares and Stock Market Reaction

As Bitmine's ETH vault expands, its publicly traded shares are also under scrutiny. The article pointed out that Bitmine's New York Stock Exchange-listed stock (symbol: BMNR) fell more than 2% at the opening on Tuesday, suggesting the stock may extend its year-to-date decline to double digits.

The Yahoo Finance tracking data cited in the article provides investors with a market snapshot of whether the stock market views ETH accumulation as an argument for creating value or a risk factor in the broader context of crypto volatility.

While the company's latest purchases have strengthened its commitment to the 5% target, the stock market's willingness to ignore market value losses appears to be influenced by recent price movements and whether investors believe that pledged income assumptions and operational execution will ultimately translate into stronger shareholder returns.

Looking to the future, readers should pay attention to two points: first, whether Bitmine has achieved its established 5% total Ethereum supply target as planned; and second, as ETH prices fluctuate, the comparison between pledge revenue expectations and actual performance. Uncertainty remains clear-without a clear understanding of future earnings, pricing and treasury valuation effects, the gap between long-term accumulation goals and short-term market sentiment may remain in focus.