Tom Lee's Bitmine buys $41 million worth of ETH, continuing aggressive treasury expansion: onchain data

Bitmine has purchased $41 million worth of ETH on Wednesday, continuing to expand the world's largest corporate Ethereum treasury.

According to blockchain analytics platform, Bitmine acquired 25,000 ETH on Wednesday at approximately 11:22 a.m. ET. Arkham Intelligence data linked in the post shows the funds were transferred from a hot wallet belonging to BitGo, Bitmine's custody partner.

Lookonchain noted that Bitmine has purchased a total of 125,000 ETH in the past three days, worth $205 million at the current market price. Bitmine has yet to officially confirm the purchases, as the firm typically releases updates via weekly disclosures.

The reported amount is similar to the amount Bitmine officially acquired last week. On Monday, the firm disclosed that it purchased 126,971 ETH last week for roughly $207 million, bringing its total treasury to 5,543,872 ETH. That represents 4.59% of ether's circulating supply of 120.7 million tokens, placing Bitmine 92% of the way toward its target of accumulating 5% of the total supply. 

$10 billion paper loss

Meanwhile, Ethereum has experienced significant declines this year. The cryptocurrency is down more than 44% since the start of 2026, currently trading at $1,642.7. The firm is sitting on an estimated $9.9 billion in unrealized losses on its total ether holdings.

Bitmine Chairman Tom Lee previously said that Ethereum's pullback has prompted the firm to accelerate its buying, as the firm does not view the current decline as reflecting Ethereum's fundamentals.

Earlier this month, Bitmine filed to offer 3 million shares of a Series A perpetual preferred stock with a 9.5% dividend rate annually on a per-share amount of $100. The stock, similar to Strategy's STRC, is expected to list on the New York Stock Exchange under ticker BMNP.

Bitmine (BMNR) fell 3.46% to close Wednesday at $15.64.