Bitmine Bought 127K ETH on the Dip Last Week, Marking the Largest Single-Week Purchase of the Year
Alina Collins
Bitmine spent $214 million on nearly 127,000 ETH last week, its biggest single-week buy of 2026; yet the company's total ETH position now carries an estimated $9.6 billion in unrealized losses, putting the logic and risks of its contrarian accumulation in plain view.
How much did they actually buy?
Bitmine purchased 126,971 ETH last week for roughly $214 million — the largest single-week buy since the start of 2026.
For context: the week before that saw nearly 120,000 ETH bought; the week before that, only 26,497. This means → the company just shifted from slowing down to slamming the accelerator.
After this purchase, Bitmine's total ETH holdings stand at 5.54 million tokens, worth approximately $9.3 billion.
Why buy more when the price is falling?
Chairman Thomas Lee's explanation was blunt: "We increased purchases because we believe this pullback does not reflect Ethereum's strengthening fundamentals."
In plain terms = Bitmine thinks the market is mispricing ETH — the price dropped, but the asset itself hasn't weakened, so they're buying the dip.
This reflects a clear strategic split from peers. Since crypto prices tumbled from October, most treasury-holding companies have stopped buying or started selling. Bitmine is going the other way.
How large are the paper losses?
ETH sits at its weakest level in over a year, down roughly 65% from its August record high.
Bitmine's total position carries an estimated $9.6 billion in unrealized losses. This means → the more they buy, the larger the notional hole grows as each token's market value shrinks.
The company still holds $247 million in cash, some Bitcoin, and equity stakes in Beast Industries and Eightco Holdings — a buffer, though a modest one relative to the loss figure.
Where does the 5% supply target stand?
Bitmine's stated goal is to control 5% of ETH's circulating supply. Current holding: 4.59%.
This acceleration reverses the company's earlier talk of slowing accumulation. Management expects to hit the 5% mark later this year.
To keep raising capital, Bitmine also announced plans to issue a class of preferred stock — shares that pay a fixed dividend and rank above common equity — a model borrowed from the Bitcoin-focused company Strategy.
Content is for reference only, not financial advice.