Bitmine Immersion Technologies extended its 65-week consecutive buying streak by purchasing 53,501 ETH in a single week, bringing its total Ethereum holdings to 5.9 million tokens worth $14.8 billion, according to data from DropsTab. The accumulation pushes Bitmine’s ownership to 4.9% of Ethereum’s circulating supply of 120.7 million ETH.
The latest purchase marks the continuation of a strategy maintained through a prolonged crypto downturn that began in Q4 of the previous year. Ether, Bitcoin, and Solana have been the three best-performing major assets since June 30, 2026, with ETH leading gains. Bitmine’s paper losses on its Ether holdings total $5.1 billion, reflecting sustained accumulation through the downturn.
Tom Lee, Chairman of Bitmine, said the company’s strategy positions institutions to capitalize on recent momentum. “We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” Lee stated.
Bitmine’s stated goal is to reach 5% ownership of Ethereum’s circulating supply. At its current 4.9% stake, the company is 0.1 percentage points away from that target. Ether was trading at $2,511 as of Sunday, according to the data reviewed.
Markets responded positively to the accumulation news. Bitmine’s NYSE-traded shares, ticker BMNR, rose 1.3% on Monday morning to $24.09. The stock has gained 40% month-to-date, outpacing broader equity indices during the same period.
