BitMine buys ETH again last week. The company acquired 28,086 tokens.
This brings BitMine closer to its 5% supply goal. Nevertheless, the company faces a $5.1 billion unrealized loss on its holdings.
Why BitMine buys ETH despite losses
BitMine’s total holdings now stand at 5.93 million ETH. The average purchase price is $2,495 per token. This is far above the current market price.
The company reported $15.7 billion in total assets. This includes $593 million in marketable securities and cash. It also holds other crypto holdings and 5.1 million staked ETH.
Staking is expected to generate $330 million in annualized revenue. This helps offset some of the paper losses.
The company has now completed 97% of its goal. It aims to acquire 5% of the total Ether supply. This target was set within 15 months.
Bitmine ranks as the world’s largest publicly listed Ether treasury. The company faces significant unrealized losses nevertheless. Dropstab data confirms the $5.1 billion figure.
Ether’s price has fallen 16% since the beginning of 2026. It trades at $2,489 at the time of writing. TradingView data confirms this price.
Stock price reaction
Bitmine’s NYSE-traded BMNR stock was down more than 2%. This happened at Tuesday’s market open. The stock is poised to extend its year-to-date decline into double digits. Yahoo Finance data confirms this trend.