Bitmine Acquires $43 Million Of Ethereum As Price Slides

CryptoProwl

Mon, June 29, 2026 astatine 8:42 AM CDT 1 min read

Bitmine Immersion Technologies (NYSE: $BMNR) bought different 27,084 of Ethereum (CRYPTO: $ETH) implicit the past week arsenic its terms neared a debased for the year.  

In all, Bitmine spent $43 cardinal U.S. buying Ethereum successful caller days arsenic the terms steadily fell. ETH deed a debased for the twelvemonth of $1,564.86 U.S. connected June 26.  

The latest purchases person brought Bitmine's holdings to 5.7 cardinal Ethereum worthy $8.9 cardinal U.S., according to the company. 

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Bitmine present owns 4.7% of Ethereum's circulating supply, nearing the company's 5% goal.

However, the purchases implicit the past week were Bitmine's smallest since aboriginal May of this twelvemonth and down from 52,203 Ethereum bought the erstwhile week. 

Bitmine remains 1 of the fewer crypto treasury firms that's inactive adding to its holdings amid a relentless selloff successful integer assets. 

Bitmine Chairman Tom Lee has blamed quarter-end rebalancing for the latest bout of weakness successful Ethereum and different cryptocurrencies specified arsenic Bitcoin (CRYPTO: $BTC). 

"We are nearing quarter-end for June, and it is not astonishing to spot 'window dressing' starring to investors reducing their holdings successful assets which person fallen successful the past 3 months," said Lee.

Ethereum and Bitcoin are acceptable to grounds their 3rd consecutive quarterly losses, thing that hasn't happened since 2022.

BMNR banal has declined 60% successful the past 12 months to commercialized astatine $13.56 U.S. per share.