BitMine buys ETH again this week. The Ethereum treasury firm added 27,562 tokens.
The purchase brings holdings to 5,983,940 ETH. That represents 4.9% of total Ethereum supply. Therefore, the company is approaching its 5% goal.
Why BitMine buys ETH matters
The acquisition extends BitMine’s weekly buying record. Specifically, the company has bought ETH every week since launching its strategy last year. This follows a purchase of 27,180 ETH two weeks ago.
Meanwhile, Ethereum climbed above $2,700. The broader crypto market also rallied. BMNR stock rose over 5% to $27. Consequently, the crypto stock is up over 165% in the last month.
Staking and unrealized losses
BitMine’s total staked ETH stands at 5,067,309. That is worth around $13.6 billion.
Despite the rally, the company still sits on an unrealized loss. According to DropsTab data, that loss exceeds $3.5 billion. The average purchase price is around $3,329.
Tom Lee sees a crypto bull run underway
Chairman Tom Lee shared his view. He believes a crypto bull run started in late June. He cited several driving factors.
First, he noted a rotation from AI back to crypto. Second, he highlighted strengthening fundamentals. These center on tokenization and AI. Third, he cited the ending of the four-year cycle.
Lee also commented on Ethereum’s performance. “Quarter to date, ETH is outperforming by 6,519bp,” he said. He added that this dwarfs other macro assets.
The CLARITY Act vote was expected to be a catalyst. The cloture vote failed nevertheless. The crypto market still rallied to new local highs.
With little more than a week left in Q3 2026, Ethereum’s outperformance continues. Therefore, BitMine’s treasury strategy remains closely tied to ETH’s price.
