BitMine Expands Ethereum Treasury With New $84M ETH Purchase

On Tuesday, BitMine Immersion Technologies increased its Ethereum holdings after acquiring another $84 million worth of ETH, according to new on-chain data. The purchase pushed its treasury to a fresh high as volatility continued across digital asset markets.

According to Lookonchain data, the company’s total holdings reached 4,325,738 ETH at the end of last week. The value stood near $9.14 billion based on recent market prices. 

BitMine said earlier on Monday that it had bought 40,613 ETH during the previous week. That brought the firm to 72% of its target to accumulate 5% of Ethereum’s circulating supply. The company has continued its acquisition strategy despite weak market conditions.

BitMine Accumulation Continues Despite Major Losses

According to Arkham Intelligence data, BitMine carried out the latest expansion in two tranches. The first tranche was the purchase of 20,000 ETH from FalconX. The second tranche was another 20,000 ETH from BitGo.

BitMine is continuing to accumulate even as it faces almost $8 billion in unrealized losses. According to Tom Lee, such losses are common during downtimes. He stated that large treasuries often face drawdowns before the recovery phases of the market begin.

Ethereum is currently 58% down from its all-time high of $4,900 recorded in August 2025. However, BitMine has decided to stake 67% of its holdings.

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The firm generates an estimated $202 million in annual staking revenue at current reward rates. The company has not signaled any plan to reduce its stake.

Ethereum’s On-Chain Strength Shows Institutional Divide

On-chain activity continues to support Ethereum’s long-term outlook, according to Lee. He noted that network use has stayed resilient despite declining prices. He also said past corrections have historically created favorable accumulation periods for institutions.

BitMine’s approach contrasts sharply with other firms. Trend Research recently sold all of its remaining ETH after reporting roughly $750 million in losses. According to reports, BitMine will use the proceeds to repay loans associated with earlier purchases made at higher prices.

Lee previously projected strong recoveries for major cryptocurrencies, including Bitcoin and Ethereum. Those projections have not played out amid persistent market pressure. Weak sentiment has limited price gains across several leading assets.

Ethereum continues to struggle for momentum as volatility remains elevated. Even so, BitMine has not slowed its buying activity. The company’s latest accumulation highlights ongoing institutional interest in Ethereum as a treasury asset despite uncertain near-term price action.

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