Bitmine Immersion Technologies has announced the purchase of another block of Ether, moving closer to management's target of accumulating 5% of the total supply of the second-largest cryptocurrency.
According to a Tuesday announcement, the company acquired 28,086 Ether last week, valued at approximately $69.5 million. This latest acquisition brings Bitmine's total holdings to 5.93 million Ether, which were acquired at an average price of $2,495 per ETH.
Bitmine reported $15.7 billion in total assets. This figure includes $593 million in cash, marketable securities, and other crypto holdings, alongside 5.1 million staked ETH that is expected to generate $330 million in annualized staking revenue.
With this purchase, Bitmine stated that it has completed 97% of its goal to acquire 5% of the total Ether supply within a 15-month timeframe. The company is led by chairman Tom Lee and previously announced a 53,501 ETH acquisition, bringing its holdings to account for 4.9% of Ethereum's 120.7 million circulating supply.
Bitmine remains the world's largest publicly listed Ether treasury. Data from Dropstab indicates that the company currently faces $5.1 billion in unrealized losses on its Ether holdings. Ether's price has fallen 16% since the beginning of 2026, trading at $2,469 on Tuesday afternoon according to CoinMarketCap data. Meanwhile, shares of Bitmine's NYSE-traded BMNR stock fell more than 2% at Tuesday's market open.
