9th June 2026. BitMine Immersion Technologies bought 126,971 ETH last week, and the timing was no accident. The NYSE-listed treasury firm spent roughly $213 million as Ethereum slid to a June low. This BitMine ETH purchase ranks as the company’s largest weekly buy of 2026.
High Signal Summary For A Quick Glance
- BitMine bought 126,971 ETH for about $213 million, its largest weekly purchase of 2026, as ETH hit a June low of $1,505
- The buy lifts BitMine’s treasury to 5.54 million ETH, roughly 4.59% of circulating supply, worth up to $9.32 billion
- Chairman Tom Lee called the selloff “superficial,” and blockchain intelligence firm Arkham’s on-chain data matched the company’s disclosure
- Ethereum holders and traders, who now face a large corporate buyer absorbing supply during price dips
- BMNR shareholders, who carry exposure to an ETH stack sitting on an estimated $8 billion to $10 billion paper loss
The buys ran from June 1 to June 8, according to the company’s disclosure. BitMine, chaired by Fundstrat’s Tom Lee, paid an average of about $1,630 per token. As a result, its total stash now sits near 5.54 million ETH.
BitMine ETH Purchase Marks a 2026 Record
The 126,971 ETH haul is the firm’s biggest weekly accumulation of the year. BitMine disclosed the buys on June 8 through a press release and an 8-K filing with the SEC. Therefore the figures are public record, not an estimate.
Reported dollar values vary slightly because each outlet uses a different reference price. CoinDesk pegged the buy near $214 million, while The Defiant cited roughly $207 million. Still, every source agrees on the same 126,971 ETH.
Tom Lee Calls the Selloff Superficial
Ethereum hit a June low of $1,505 on June 7, just before the announcement. Rather than pause, BitMine leaned into the weakness and bought more. Tom Lee framed the move as conviction, not panic.
“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” Lee said in the company statement. He has also called the broader crypto selloff “superficial.” According to The Block, he ties the thesis to AI and tokenization demand.
Lee became BitMine chairman in June 2025, so this stance is not new. Since then, he has steadily pushed the firm toward heavier ETH exposure. In short, the dip simply gave him a cheaper entry.
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On-Chain Data Backs the BitMine ETH Purchase
Blockchain intelligence firm Arkham surfaced the inflows independently. On June 9, Arkham tweeted the attribution and linked its BitMine dashboard. So the on-chain record and the corporate filing now line up.
Arkham tracks 171 clustered addresses under the BitMine entity. Its dashboard values the labeled ETH near $9.32 billion. However, the exact transaction hashes for the 126,971 ETH stay behind Arkham’s proprietary labeling.
Arkham clusters wallets by matching deposit patterns, exchange flows, and disclosed volumes. Because BitMine’s weekly buys match its SEC figures, confidence in the attribution runs high. In short, the data and the disclosure reinforce each other.
Closing In on 5% of ETH Supply
BitMine now holds about 4.59% of Ethereum’s circulating supply. That stack is worth between $9.04 billion and $9.32 billion in ETH alone. Meanwhile, total crypto and cash holdings reach $9.6 billion.
Lee has set a clear target he calls the “Alchemy of 5%.” The plan is to own 5% of all ETH and stake most of it. BitMine stakes through its MAVAN platform, with projected yield near $270 million a year.
The 5% goal is ambitious in raw terms. Ethereum’s circulating supply runs above 120 million tokens, so 5% means roughly 6 million ETH. BitMine sits near 5.54 million now, which leaves a gap of several hundred thousand tokens. At its recent pace, the firm could close that gap within months.
The strategy echoes MicroStrategy’s Bitcoin treasury model. BitMine launched it in June 2025 after raising $250 million. Since then, the firm has bought ETH almost every week, including about 111,942 tokens in late May.
Other public companies have copied the template since 2025. As a result, ETH treasury firms now compete for supply alongside spot ETFs and stakers. BitMine’s weekly pace, though, still stands out among them.
Timeline: BitMine’s rapid rise from a newly announced Ethereum treasury strategy to one of the largest ETH holders in the world
Ethereum treasury strategy launches
BitMine announces a $250 million private placement, appoints Tom Lee as Chairman, and unveils its “Alchemy of 5%” strategy aimed at acquiring and staking 5% of Ethereum’s total supply.
Aggressive accumulation phase begins
BitMine accelerates ETH purchases throughout late 2025, including a 138,452 ETH weekly acquisition in December. Holdings surpass approximately 3.4 million ETH and approach 3.9 million ETH by year-end.
Holdings approach 5 million ETH
A 101,627 ETH purchase lifts BitMine’s treasury to 4,976,485 ETH, representing approximately 4.12% of Ethereum’s circulating supply.
5 million ETH milestone crossed
Another 101,901 ETH acquisition pushes total holdings above 5 million ETH, reaching 5,078,386 ETH and approximately 4.21% of circulating supply.
Accumulation continues despite market volatility
BitMine adds more than 300,000 ETH across multiple weekly purchases, culminating in a 111,942 ETH acquisition on May 26 and total holdings of 5.39 million ETH.
Brief slowdown in purchase pace
The company adds 26,497 ETH, bringing total holdings to 5,416,901 ETH while maintaining one of the largest corporate Ethereum treasuries globally.
Largest ETH purchase of 2026 announced
BitMine reveals the acquisition of 126,971 ETH worth approximately $213.6 million during the prior week. Total holdings rise to 5,543,872 ETH, representing 4.59% of Ethereum’s circulating supply, with more than 85% staked.
Approaching the 5% ETH target
BitMine remains within roughly 0.41 percentage points of its stated objective to control and stake 5% of Ethereum’s total supply, a target first outlined at the treasury strategy launch.
Expand institutional staking footprint
The company intends to continue accumulating and staking ETH through its treasury strategy, reinforcing its position as the largest publicly traded corporate holder of Ethereum.
The Paper-Loss Question Hangs Over the Buy
Not everyone sees genius here. Critics note that BitMine bought much of its ETH at far higher prices. As a result, the firm may sit on unrealized losses reportedly estimated at $8 billion to $10 billion.
Some commentators also ask whether aggressive buying creates future sell pressure. Others call the stack “exit liquidity” for earlier holders. The company counters that staking yield and long-term demand outweigh paper losses.
BitMine adds that no debt covenants force any sales. On the stock side, BMNR shares tested critical $16 support around the news. Notably, no major price surge followed the announcement.
The paper loss reflects ETH’s slide from its past highs. Even so, BitMine has not signaled any plan to sell. Instead, the firm keeps adding tokens at lower average prices, which lowers its overall cost basis.
What the BitMine ETH Purchase Signals Next
BitMine still sits below its 5% goal, so more weekly buys look likely. Investors will watch whether ETH holds above its recent lows. They will also track BitMine’s next disclosure for the pace of accumulation.
For now, the firm has turned a sharp dip into its biggest buy of the year. Whether that proves smart or costly may depend on where ETH trades next. This article is not financial advice, so always do your own research.
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