Bitmine adds $49 million of Ether, nearing its 5% target

Bitmine Immersion Technologies, a publicly traded cryptocurrency investment firm, has significantly increased its holdings of Ethereum, acquiring an additional 27,801 ETH worth approximately $49 million in the past week. As of July 12, 2026, the company now holds 5.77 million Ether, representing about 4.8% of the cryptocurrency's circulating supply and bringing it to 96% of its stated goal to control 5% of all Ether.

Despite this aggressive accumulation, the company's stock, BMNR, is trading near its 52-week lows. On July 13, shares traded at approximately $14.49 on the New York Stock Exchange, down from a previous close of $14.96 and far below its 52-week high of $71.74. The company's market capitalization of roughly $7.8 billion is now less than the value of the Ether on its balance sheet, which was valued between $10.1 billion and $11.3 billion based on recent Ether prices between $1,780 and $1,820.

The stock's decline is linked to the substantial unrealized loss on Bitmine's Ether position. The company's average purchase cost is approximately $3,997 per token, leaving it with an unrealized loss of roughly $9 billion as Ether trades significantly below that level. The firm's...