Bitmine acquired 125,000 ETH over three days despite nearly $10 billion in unrealized losses, bringing its holdings close to 5% of Ethereum’s circulating supply.
Ethereum Treasury News
Bitmine purchased 25,000 Ethereum ($ETH) on June 10 for approximately $41 million, according to on-chain data published by blockchain analytics platform Lookonchain. The transaction was recorded at approximately 3:22 pm UTC. Funds were traced from a hot wallet held by BitGo, which serves as the firm's custody partner.
The single purchase was part of a broader three-day window of activity. Lookonchain data shows Bitmine acquired a combined 125,000 $ETH over three consecutive days. That block of purchases was valued at approximately $205 million at the time of reporting.
Bitmine has not officially confirmed any of the transactions covered in Lookonchain's report. The firm typically releases acquisition figures through weekly disclosures rather than real-time announcements. The Lookonchain figures are derived from on-chain wallet activity linked to the company.
Treasury Size and Supply Target
The latest activity follows a similar pace from the prior week. On June 8, Bitmine disclosed it had purchased 126,971 $ETH the previous week for approximately $207 million. That acquisition brought the firm's total corporate treasury to 5,543,872 tokens.
Those holdings represent 4.59% of Ethereum's circulating supply of 120.7 million tokens. Bitmine has set a public target of accumulating 5% of total $ETH supply. At its current treasury size, the firm sits at approximately 92% of that goal.
Losses Deepen as ETH Price Falls
Ethereum has fallen more than 44% since Jan. 1, and was trading at $1,655.70 at the time of reporting, according to CoinMarketCap. Bitmine's total unrealized losses stand at an estimated $9.9 billion, according to DropsTab data. The firm’s shares, listed under the ticker BMNR, closed June 10 down 3.46% at $15.64.
Source: CoinMarketCap
Tom Lee, Bitmine's chairman and co-founder of equity research firm Fundstrat, has said the price decline is driving faster accumulation. Lee has stated publicly that the drop does not reflect a change in Ethereum's core fundamentals. The firm has framed lower prices as a buying opportunity rather than a risk signal.
Earlier this month, Bitmine filed to issue 3 million shares of a Series A perpetual preferred stock at $100 per share, carrying a 9.5% annual dividend rate. The instrument is structured similarly to Strategy's STRC offering and is expected to list on the New York Stock Exchange under the ticker BMNP.
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