Bitmine Immersion Technologies added another large Ethereum purchase to its treasury strategy, buying 65,341 ETH for about $138 million. The latest acquisition extended the company’s accumulation streak to three consecutive weeks and reinforced its push to build a materially larger position in Ethereum.
The company said the purchase lifted its holdings above 4.66 million ETH, equivalent to roughly 3.86% of circulating supply. Bitmine is framing the current market weakness as a temporary contraction and is using that backdrop to increase exposure rather than reduce it.
Bitmine keeps building toward its 5% Ethereum goal
This week’s purchase fits into a broader sequence of aggressive buys. The company had already accelerated its Ethereum treasury build with earlier transactions that included a roughly 45,759 ETH purchase for about $90 million and an over-the-counter acquisition of 5,000 ETH from the Ethereum Foundation at an average price of $2,042.96 per coin.
Management has attached a clear long-term objective to the strategy. Bitmine describes the accumulation plan as the “Alchemy of 5%” strategy, signaling that its target is to eventually control 5% of Ethereum’s supply.
That expansion has been supported by external fundraising. The company previously raised capital through strategic private placements, including a $250 million placement in June 2025 that was specifically intended to seed its Ethereum treasury.
Conviction remains high, but balance-sheet pressure is real
Tom Lee, Bitmine’s chairman and Fundstrat’s managing partner, has tied the buying pace to a constructive market view. Lee has described the current downturn as a “crypto squall” rather than a lasting “winter,” maintaining a buy-the-dip posture even as volatility persists.
That conviction has not insulated the company from market pressure. Bitmine’s stock has moved closely with Ethereum, and although ETH recently touched a six-week high, BMNR still fell about 7.8% on March 18, 2026 amid investor unease over the treasury strategy.
The company’s financial position reflects both scale and risk. Bitmine reported $328.16 million in net income for full-year 2025 and about $11.0 billion in combined crypto and cash reserves as of March 2026, but it is also carrying an estimated $7 billion in unrealized losses on its ETH position.
That tension has fueled criticism of the approach. Some analysts have argued that the concentration and timing of the treasury buildup have produced negative alpha during the recent drawdown, even as Bitmine continues to present the strategy as a long-term allocation decision.
The market impact of that posture could become more significant if the purchases continue at the current pace. A public company buying tens of millions of dollars’ worth of ETH every week can influence both spot and OTC liquidity, while also shaping derivatives positioning and funding dynamics if the pattern remains in place.
Bitmine’s weekly disclosures, along with any change in purchase size or execution venue, will determine how much its treasury strategy continues to affect Ethereum’s price structure, liquidity profile and broader market sentiment.