BitMine Adds 60,000 ETH to Treasury as Supply Goal Nears

BitMine has expanded its Ethereum treasury by another 60,000 ETH, a purchase valued at approximately $126 million [2]. The acquisition, executed through wallets linked to Kraken and BitGo, brings the firm’s total holdings to more than 5.2 million ETH [2]. This stash now accounts for 4.37% of Ethereum’s total circulating supply [2].

The firm continues to pursue a stated goal of controlling 5% of the total Ethereum supply by December 2026 [1]. This aggressive accumulation strategy persists even as Ethereum trades near $2,093, roughly 57% below its reported 2025 peak [2]. While BitMine previously suggested it might slow its buying pace in May, the company has not signaled an end to its treasury expansion plan [2].

The strategy remains a focal point for market observers, particularly as Tom Lee, who has defended the accumulation as an attractive move at prices below $2,200, has simultaneously issued warnings regarding a potential bear market [2]. The disconnect between Lee’s cautious outlook and BitMine’s heavy buying has fueled ongoing debate among traders [2].

The financial stakes of this position are significant. With an estimated average acquisition cost of $3,513 per token, the firm faces potential paper losses approaching $10.1 billion at current price levels [2]. Technical analysts are closely watching the asset’s price action, noting that a failure to hold current support levels could lead to further downside toward $1,600, while a recovery would need to clear $2,530 to overcome key resistance [2].

Whether BitMine’s massive treasury will serve as a stabilizing force or a source of systemic risk remains the central question for the market. As the firm inches toward its 5% ownership target, the sustainability of this accumulation strategy depends heavily on whether Ethereum can break out of its current technical wedge or if further price declines will deepen the firm's unrealized losses.