Bitmine acquires 28,086 Ether worth $69.5 million for a 97% accumulation goal

Bitmine Immersion Technologies announced Tuesday it acquired 28,086 Ether for approximately $69.5 million. The purchase brought the corporation's total Ether holdings to 5.93 million coins, which it holds at an average price of $2,495 each. According to a company announcement, this transaction represents 53,501 ETH purchased over the last week, allowing Bitmine to account for 4.9% of Ethereum's 120.7 million circulating supply. Management expects to finish accumulating 5% of the total Ether within 15 months. As of Tuesday at 1:29 pm UTC, Ether traded at $2,469 on CoinMarketCap, down 16% from the start of 2026. Bitmine reported $5.1 billion in unrealized losses on its crypto assets according to data provided by Dropstab. The company's NYSE-listed BMNR shares opened Tuesday down more than 2%, facing a potential double-digit year-to-date decline. Total company assets stand at $15.7 billion, with staked Ether holdings expected to generate $330 million in annualized revenue.