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BitMine Makes Biggest Weekly Ethereum Purchase Since June, Adding Over 50K ETH To Its Stash
BitMine stepped up its Ethereum buying as it moved close to controlling 5% of ETH’s total supply.
Anushka Basu·Stocktwits
Published Aug 31, 2026 | 9:27 AM EDT
- BitMine bought 53,501 ETH last week, its biggest weekly purchase since June, taking its holdings to nearly 5.9 million ETH.
- The company now owns about 4.9% of Ethereum’s supply, putting it 98% of the way toward its 5% target.
- BitMine has staked roughly 5.07 million ETH and estimates annualized staking revenue at around $335 million.
Shares of BitMine Immersion Technologies (BMNR) edged higher in pre-market on Monday after the company made its largest weekly purchase of Ethereum (ETH) since June, raising its total holdings to nearly 5.9 million tokens, or 98% of its stated target of owning 5% of Ethereum’s supply.
The Tom Lee-led firm said it bought 53,501 ETH over the past week worth around $131.27 million at Ethereum’s current price. The leading altcoin edged around 0.4% lower in the last 24 hours, trading at around $2,450.
The move adds to the shift of Bitmine accelerating its Ethereum buys, acquiring 32,447 ETH the week before after making several smaller weekly additions in July and early August. BitMine said it has now bought ETH for 65 consecutive weeks since starting its Ethereum treasury strategy on June 30, 2025.
BMNR’s stock was up over 1% in pre-market trade. On Stocktwits, retail sentiment around BMNR dropped to ‘bullish’ from the ‘extremely bullish’ territory, accompanied by ‘high’ chatter levels over the past day.
BitMine Expands Its Ethereum Staking Strategy
While the latest purchase is considerably larger than others over the past two months, it still sits well below BitMine’s biggest weekly buys earlier this year. It purchased 127,000 ETH in early June and made more than 100,000 ETH in several weekly purchases during the spring.
BitMine also said it has staked some 5.07 million ETH, which amounts to around $12.7 billion. The firm estimates its annualized staking revenue at its current staked ETH level to be around $335 million. BitMine had $15.6 billion in crypto, cash, marketable securities, and strategic “moonshot” investments, which include Beast Industries and Eightco (ORBS). It has around 211 <a href="https://xpertsstudio.com/<a href="https://xpertsstudio.com/winklevoss-bitcoin-etf-filing-criticized-by-major-outlets/” title=”Winklevoss Bitcoin ETF Filing Criticized by Major Outlets”>bitcoin-price-gains-24-in-best-august-since-2017/” title=”Bitcoin price gains 24% in best August since 2017″>Bitcoin (BTC), as well as $541 million in cash and marketable securities.
The purchase comes at a time when Ethereum has outperformed the S&P500 (SPY) so far in the third quarter, gaining around 23%, compared to the index’s 2.22% rise.
BMNR Vs MSTR
The news comes as Strategy (MSTR) resumed buying Bitcoin after ten weeks of pause, adding 4,600 BTC. Shares of BMNR and MSTR have delivered almost identical returns over the past month, with MSTR slightly outperforming BMNR. MSTR rose around 44.9%, while BMNR gained 43.2%. Both of these crypto treasury stocks bested Ethereum, which was up 30.1%, and Bitcoin, which was up roughly 24% over the same period.
Read also:Tether CEO Paolo Ardoino Says Bitcoin, Gold And Land Could Help The Firm Survive An ‘Apocalyptic Future’
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Source: stocktwits.com