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Bitmine Expands Ethereum Treasury With $41 Million in New Buys

Bitmine bought another $41 million worth of ETH and widened its lead as the biggest corporate Ethereum holder. The fast expansion does come with heavy paper losses.

By Finst News
• 2 min read
Bitmine Expands Ethereum Treasury With $41 Million in New Buys

Key Takeaways

  • Bitmine bought $41 million worth of Ethereum on Wednesday, equal to 25,000 ETH.
  • The total recent buy over three days came to 125,000 ETH, worth about $205 million.
  • Bitmine now holds 5,543,872 ETH and is sitting on nearly $10 billion in unrealized losses, according to the text.

Bitmine bought another $41 million (€35,5 million) worth of Ethereum (ETH) on Wednesday, further strengthening its position as the largest corporate holder of Ethereum. With this purchase of 25,000 ETH, Bitmine’s total recent investment over three days now stands at 125,000 ETH, worth about $205 million (€178 million) at current market prices.

Expanding the Ethereum Treasury

According to data from blockchain analytics platform Lookonchain and Arkham Intelligence, the tokens were moved from a hot wallet belonging to BitGo, Bitmine’s custody partner. While Bitmine has not officially confirmed the purchases yet, this pattern matches the weekly updates the company usually provides. Bitmine previously reported a purchase of about 127,000 ETH for $207 million (€179 million), bringing the company’s total Ethereum treasury to 5,543,872 ETH. That is nearly 4.6% of Ethereum’s 120.7 million token circulating supply, putting Bitmine close to its goal of 5% of the total supply.

Billions in Losses Despite Growth

Even with the big increase in its Ethereum holdings, Bitmine is dealing with major unrealized losses. Ethereum is down more than 44% this year and is currently trading around $1,642 (€1.420), which puts Bitmine’s total ETH holdings at an estimated loss of nearly $10 billion (€8,7 billion). Chairman Tom Lee previously said the price drop does not match Ethereum’s fundamental value, which helps explain the company’s faster buying.

Why This Matters for European Crypto Investors

Bitmine’s aggressive Ethereum accumulation shows a broader trend in crypto, where companies are shifting their focus from traditional mining to holding and staking digital assets. This could point to a changing market structure, where big players are having more and more influence on Ethereum’s liquidity and price volatility. For European investors, watching moves like this can offer insight into crypto market dynamics and the risks that come with concentrated holdings.

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