Bitmine picked up 53,501 ether (ETH) last week at a cost of roughly $131 million. That is the company’s biggest weekly haul since June, and it pushes an unbroken buying streak to 65 weeks. The treasury now holds 4.9% of all Ethereum in circulation.
Total holdings stand at 5,901,112 ETH, worth about $14.8 billion at a reference price of $2,511 per ETH as of Sunday, The Block reported. Ethereum’s circulating supply sits at 120.7 million tokens, making Bitmine’s share just under one-twentieth of the whole. The company, listed on the NYSE under BMNR, described itself as the world’s largest corporate ether holder and the second-biggest crypto treasury overall, trailing only Michael Saylor’s Strategy, in a statement released Monday. The streak runs back to June 30, 2025, the day the treasury strategy went live.
Conviction like this carries a cost. Bitmine is carrying roughly $5.1 billion in unrealized losses on its ether position, per DropsTab data cited by Cointelegraph. Those red numbers trace to a downturn that started in the fourth quarter of last year and dragged ether, along with the wider market, sharply lower.
Chairman Tom Lee had a different framing. He called ether the best-performing macro asset of the third quarter. Ether, bitcoin (BTC) and Solana (SOL) have been the three best-performing major assets since June 30, he said, with ETH leading the gains and outpacing the S&P 500 by 5,430 basis points through Aug. 28.
“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 said in the statement.
That call came from behind $5.1 billion in paper losses. The broader market has been recovering. Ether traded above $2,400 on Monday, relatively flat on the day, according to The Block.
Ether is only part of the balance sheet. Bitmine reported 211 bitcoin, $541 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $81 million position in Eightco Holdings. Combined crypto, cash, and other assets totaled $15.6 billion as of Aug. 30.
Most of the ether is already working. Of the stash, 5,067,309 ETH are staked through Bitmine’s MAVAN platform and staking partners. That is about 86% of the total, valued at $12.7 billion. The company projected annualized staking revenues of $335 million off a 7-day annualized yield of 2.63%.
Strategy, the only crypto treasury larger than Bitmine’s, ended its own two-month buying pause last week with a roughly $370 million bitcoin purchase, its first since June, Decrypt reported. A rally flipped Saylor’s 840,447 BTC position to a roughly $2.8 billion paper profit after it spent much of the summer underwater. Strategy holds around $66 billion in bitcoin.
Bitmine’s shares closed down 7.14% at $23.80 on Friday. They recovered above $24 on Monday morning, according to The Block. Cointelegraph, citing Yahoo Finance, put the stock at $24.09, up 1.3% on the day and up nearly 40% for August.
Lee pointed to a mid-September Clarity Act vote as one of several potential catalysts heading into year-end.
