BitMine Immersion Technologies shows no signs of slowing down. The publicly traded Ethereum treasury firm added another 27,801 ETH worth approximately $49 million over the past week - despite sitting on massive unrealized paper losses. Data firm DropsTab estimates BitMine’s floating losses stand at roughly $9.2 billion based on current market prices.
That figure has not deterred their momentum. BitMine’s total holdings have now reached 5,770,038 ETH, or roughly 4.8% of Ethereum’s circulating supply - valued at about $10.1 billion with ETH trading around $1,780.
Chasing 5% of Global Supply
BitMine Chairman Tom Lee reiterated that the company is still targeting a 5% share of the total ETH supply before the end of 2026 - just a step away from its current position. Of that stash, 4,917,189 ETH is already staked, projected to generate around $242 million in annual staking revenue. Their average acquisition price sits at around $3,374 per coin, explaining where the floating losses originated.
Last week, Arkham Intelligence even tracked an additional purchase of 40,000 ETH worth around $70 million by BitMine via two wallets linked to FalconX and Kraken, though it has not been officially confirmed. BitMine is not the only entity accumulating: according to lookonchain, a wallet associated with K3 Capital withdrew 10,000 ETH from Binance, while Abraxas Capital withdrew 6,948 ETH from Binance and Bitfinex - each within an hour of each other, signaling ongoing institutional accumulation.
Tom Lee’s ‘ETH as Money’ Argument
Behind the aggressive buying spree, Lee is pushing a broader narrative. He highlighted the strong debut of Robinhood Chain, an Arbitrum-based Ethereum layer-2 that officially launched on July 1, as one of crypto’s biggest success stories in 2026. Its transaction volume has already surpassed $1 billion, and its trading volume is reportedly outpacing all other DEX platforms.
“27 million Robinhood users now pay crypto fees in ETH. In other words, everyday users are starting to see ETH as money,” Lee said. Robinhood Chain uses ETH as its native gas token and settles transactions on the Ethereum network; according to Lee, the network has even surpassed Base with 7.6 million daily transactions.
When Conviction and Price Diverge
Curiously, this strong conviction is yet to be reflected in prices. BitMine shares (BMNR) fell between 2.3% and 5.7% over the week, trading around $14.6, while ETH itself dipped about 2% in the last 24 hours and gained only 1.3% over the week. This is the real gamble: BitMine and its peers are betting that ETH’s value as a digital monetary layer will eventually catch up with their conviction - a multi-billion-dollar wager whose outcome will only be judged years down the line.
Sourced from crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
