BitMine Adds 126K ETH at Year Low in Biggest 2026 Buy

Ethereum News

Ethereum (ETH) hit its lowest price in more than a year on June 6, dropping to approximately $1,522. BitMine Immersion Technologies (BMNR) responded by accelerating its purchases rather than pulling back. The company bought 126,971 ETH during the week ending June 8, its largest single-week acquisition of the year, valued at approximately $214 million at current prices.

The move reversed earlier guidance from the firm, which had signaled a slowdown in accumulation as its holdings approached 5% of ETH’s total circulating supply. BitMine now holds 4.59% of that supply, with total holdings standing at 5,543,872 ETH worth approximately $9.3 billion. The firm also holds $247 million in cash alongside smaller positions in Bitcoin (BTC) and stakes in Beast Industries and Eightco Holdings

Why BitMine Bought Into the Sell-Off

BitMine Chairman Thomas Lee attributed the broader crypto decline to a specific event rather than any deterioration in Ethereum’s fundamentals. An AI system discovered a vulnerability in Zcash (ZEC), a privacy-focused blockchain protocol, before its public disclosure. Uncertainty over whether the flaw had already been exploited triggered a 40% drop in ZECand rippled across the wider market.

“The broad selloff in crypto, in our view, is a superficial take,” Lee said in a statement. He argued that AI systems identifying flaws in weaker protocols reinforces the long-term case for more robust decentralized blockchains. “We believe ETH prices should not be coming under pressure,” he added. ETH has lost nearly 15% of its value over the past week and remains approximately 65% below its August 2025 record high.

BitMine’s treasury is currently sitting on an estimated $9.6 billion in unrealized losses, according to DropsTab data. The firm has continued buying while most peer treasury companies have paused or reduced their crypto positions since October 2025. Approximately 85% of its ETH is staked through its Made in America Validator Network (MAVAN), generating projected annualized staking revenue of approximately $230 million. If the full balance were staked, that figure would rise to approximately $270 million per year, according to Lee.

On June 5, BitMine announced plans to issue a Series A Perpetual Preferred Stock paying a 9.5% annual dividend. The offering was upsized from 3 million to 3.5 million shares at $80 per share, with net proceeds expected to reach approximately $274 million after fees. The transaction is scheduled to close on June 10, 2026. Proceeds are designated for future ETH purchases and general business expenses.

The preferred stock structure follows a model used by treasury firm Strategy, which holds around $54 billion in Bitcoin (BTC). That model has drawn investor scrutiny as crypto prices have fallen. Strategy’s STRC preferred share class dropped to approximately $90 last week, roughly 10% below par value, raising questions about dividend sustainability. BitMine’s offering has not yet faced similar pressure, though the firm’s unrealized losses have deepened as ETH prices have continued to slide.

Related Article: Public Firms Now Run Ethereum, Bitmine’s Tom Lee Says

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