Bitmine capitalizes on Ethereum price drop, buys over 100,000 ETH as 5% supply goal nears

Bitmine Immersion Technologies' Ethereum treasury grew to 5.39 million tokens after the company added over 100,000 ETH amid a price decline the company viewed as a buying opportunity.

The company has now achieved 89% of its goal to own 5% of Ethereum's total supply, less than a year after announcing the strategy.

Bitmine's total Ethereum holdings are worth about $11.4 billion as of Tuesday, with ETH changing hands at $2,115.21 as of 9:24 a.m., according to The Block Price Page.

"Over the past week, we acquired 111,942 ETH. We view the recent pullback of ETH to below $2,200 as an attractive opportunity," Bitmine Chairman Tom Lee said in a statement. "We continue to expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic-AI. And thus, we continue to steadily acquire ETH."

Ethereum (ETH) fell from trading over $2,400 earlier this month to nearly $2,000, due in part to some profit-taking. ETH is down nearly 30% year to date. That performance closely mirrors the performance of Bitmine's shares (BMNR), which were up 4% to $19.66 per share.

Bitmine also said Tuesday that its total staked ETH is worth over 4.7 million tokens, which is worth about $10.1 billion. The company is the world's second-largest crypto treasury behind Strategy.