Moving ahead with its aggressive acquisition strategy, BitMine Technologies has expanded its Ethereum holdings past the 4 million ETH threshold with a fresh $40.61 million purchase. The treasury company has bought 13,412 ETH in its most recent buying spree, cementing its commitment to becoming the largest Ethereum treasury.
This development came to light through blockchain analytics firm Lookonchain, which tracked the transaction, and the company later spelled out details in their X post. As of the latest update, BitMine’s total ETH stash stands at over 4.06 million tokens, which is valued at ~$12.2 billion, going by current market rates. In December, the company ramped up its acquisitions, adding nearly 100,000 ETH in the past week at an average price of $2,991 per token. Despite the fluctuating market conditions, they have been pushing their monthly haul.
BitMine has been moving aggressively to achieve its “5% alchemy of Ethereum”. This is their long-term goal to get 5% of the total ETH supply. People often call this approach “alchemy” because it can change things. It indicates that the company believes in the potential of Ethereum’s ecosystem and how it can help businesses grow.
Right now, BitMine has reached about 67% of this big goal. Chairman Tom Lee says that these holdings are important for the company’s strategy because it blisters their position in the crypto space. This ongoing buying spree is also quite contradictory to the sour sentiment in the market. In fact, Tom Lee’s other company, Fundstrat, recently gave a rather cautious outlook for crypto in 2026. They’ve warned of a possible market pullback because of economic pressures.
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Despite this, BitMine keeps “buying the dip,” showing diverging viewpoints on Ethereum’s trajectory. Tom Lee’s leadership at BitMine appears to prioritize long-term conviction over short-term warnings from his other firm. In the last 24 hours, Ethereum’s price has risen by 1.7%, trading at $2,975.73. Meanwhile, BitMine Immersion Technologies’ stock (BMNR) has declined by 0.86%, closing at $31.09.
