BitMine Immersion Technologies (NYSE: BMNR) acquired 126,971 ether last week at an average cost of roughly $1,630 per token, spending approximately $207 million as ETH fell to its lowest levels since earlier this year. The purchase is the company's single largest weekly ETH acquisition of 2026.
The buys lifted BitMine's total holdings to 5,543,872 ETH, equal to 4.59% of Ethereum's circulating supply of 120.7 million tokens, per the company's 8-K filing with the SEC dated June 8. At $1,630 per ETH, the Coinbase price as of 3:00 p.m. ET on June 7, the treasury is valued at approximately $9.04 billion.
ETH had shed roughly 26% in the two weeks before the purchase window. The token traded near $2,123 on May 25 before sliding to an intraday trough around $1,561 on June 6, a drawdown that can be attributed partly to contagion from the Zcash Orchard circuit vulnerability disclosed on May 29. That flaw, which could have allowed undetected ZEC counterfeiting, was patched via a hard fork on June 3, but the broader altcoin market sold off in the interim. ETH’s 7-day decline of 13.9% was among the steepest in the large-cap layer-1 cohort, per CoinGecko price data.
BitMine chairman Tom Lee framed the decision as a deliberate counter-trade.
