BitMine buy 127k ETH, boost treasury to 5.54M ETH
BitMine Immersion Technologies don buy about 127,000 ETH for the past week for roughly $214 million (avg. ~$1,685/ETH). The ETH buy raise BitMine treasury to 5.54 million ETH, about $9.3B, or ~4.6% of Ethereum circulating supply.
Chairman Tom Lee talk say the wider crypto selloff dey look “superficial” because institutional ETH treasury demand never slow, corporate inflows still dey and supply still dey behind demand. BitMine also report total crypto and cash holdings near $9.6B, including 5.54M ETH and 203 BTC, plus equity stakes (Beast Industries, Eightco Holdings) and about $446M cash.
Separate, BitMine file to raise about $300M via 9.5% perpetual preferred stock offering (ticker BMNP), wey link to im Ethereum treasury through Strategy/STRC structure. The filing note big unrealized losses on the ETH position after ETH fall from around $5,000 (Oct 2025) to below $1,700 last week.
For traders, main takeaway be say this ETH buy dey signal management intend to continue to accumulate during the drawdown. If staking yields from BitMine’s MAVAN validator platform fit help offset the 9.5% dividend cost, e fit support ETH sentiment near-term and reinforce the “institutional bid” story.
Bullish
Di latest update show say BitMine still dey accumulate ETH during market drawdown, dem don raise their holdings to 5.54M ETH (~4.6% of circulating supply). This fit create short-term sentiment tailwind for ETH because e dey signal steady institutional-style demand. Di filed 9.5% perpetual preferred offering give extra funding capacity, wey fit help sustain buy-and-stake behaviour instead of force selling.
Even though di filing still admit big unrealized losses after ETH drop (from ~$5,000 to below ~$1,700), nothing show say dem go stop di ETH purchase cycle. For short term, traders fit react to di “accumulate-through-volatility” narrative and to di size of on-market buys. For long term, if staking yields from BitMine’s MAVAN validators fit cover dividend obligations, di company strategy fit reinforce persistent bid for ETH and reduce perceived treasury risk. Net effect: positive-to-neutral for ETH price action, leaning bullish based on ongoing accumulation and funding for continued exposure.