Bitmine Surpasses 4M ETH Holdings After $40M Buy

Ethereum treasury company Bitmine has hit a key milestone after its Ether stash surpassed 4 million tokens this week following the firm’s latest $40 million purchase.

Bitmine said on Monday that its holdings now sit at over 4.06 million Ether (ETH), with Lookonchain noting earlier in the day that the company bought 13,412 ETH, worth $40.61 million.

The latest buy takes Bitmine’s total haul over the past week to almost 100,000 ETH, with the company adding it has bought all of its tokens at an average purchase price of $2,991 each.

“Bitmine continues to add steadily to its ETH holdings, adding 98,852 ETH in the past week, and Bitmine holdings now exceed the crucial 4 million ETH tokens,” said Bitmine chairman Tom Lee. “This is a tremendous milestone achieved after just 5.5 months.”

With the price of ETH climbing back to $3,000 over the weekend, Bitmine’s Ether stash has tipped back into profit, after being in the red since the October market crash.  

The firm’s goal is to own 5% of the total ETH supply, with the firm highlighting a strong conviction in the asset and the Ethereum ecosystem on several occasions. 

With its current holdings, worth around $12.2 billion at current prices, Bitmine is 67% of the way there, according to data from Strategic ETH Reserve.

“We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings,” Lee said. 

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Shares in Bitmine (BMNR) are up a 606% over the past six months, with its its Ether play launched in June a major boon for the company. 

The company has outlined plans to connect staking as part of its Ether haul in early 2026 as it looks to generate more value for investors.