BitMine Buys $88M Worth of ETH, Extending Its Accumulation Campaign

Blockchain tracking data suggests the company added a sizable amount of ETH at the start of the week, extending a buying campaign that has defined its strategy throughout the year.

According to onchain data cited by market observers, BitMine is believed to have acquired roughly 29,462 ETH — valued at about $88 million — through transactions linked to custodial platforms BitGo and Kraken. While the company has not formally confirmed these specific transfers, they follow closely on the heels of an official disclosure made earlier the same day.

In its filing, BitMine confirmed it purchased 98,852 ETH over the past week, pushing its total holdings to 4,066,062 ETH. The firm reports an average acquisition cost of $2,991 per ether, placing the value of its Ethereum treasury at approximately $12 billion based on current market prices.

A Long-Term Bet on Ethereum’s Role in Global Finance

The pace of accumulation highlights BitMine’s long-term thesis on Ethereum and its ambition to control a meaningful share of the network’s supply. Led by Tom Lee, the company has made no secret of its goal to eventually secure 5% of Ethereum’s circulating supply — a target it has repeatedly framed as central to its broader vision.

Lee reiterated that conviction in a statement accompanying the disclosure, describing the company’s progress as tangible and accelerating. He positioned BitMine as a conduit between traditional finance and blockchain infrastructure, emphasizing the firm’s involvement in tokenization initiatives and its engagement with developers across the decentralized finance ecosystem.

Despite the scale of the purchase, market reaction remained muted. BitMine’s shares closed modestly lower on Monday, ending the session down 0.86% at $31.09. Ethereum also traded lower, slipping roughly 2.5% over the past 24 hours to around $2,950.

Even so, BitMine’s strategy appears unchanged. While short-term price fluctuations persist, the company continues to prioritize accumulation over timing, signaling that it views Ethereum not as a trade, but as a foundational asset it expects to play a central role in the future of global finance.

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