Ethereum: Bitmine takes advantage of the market fall to acquire 126,971 ether, its largest acquisition of the year

Ethereum has lost more than 65% since its August 2025 record. Bitmine already has around $9 billion in unrealized losses. And yet, Tom Lee's company has just made its largest weekly purchase of ETH in all of 2026. A conviction that commands respect, or arouses concern.

Buy when everyone is selling

Bitmine acquired 126,971 ETH last week, or about $214 million at current prices — its largest weekly purchase in 2026 — after just 26,497 tokens the previous week. The turnaround is all the more striking given that Tom Lee himself had called for slowing purchases a few weeks earlier, as the company neared its goal of holding 5% of Ethereum's total supply. The firm now holds 5.54 million ETH, or 4.59% of the circulating supply, with total assets — crypto, cash and stakes — amounting to $9.9 billion, according to data published by CoinDesk. Tom Lee’s justification is straightforward: “ We increased our purchases because we believe that this decline in ETH prices does not reflect the strengthening of Ethereum fundamentals “.

The context makes this decision particularly bold. Bitmine's average acquisition cost is around $3,513 per ETH, a level well above current prices, which exposes the company to an estimated unrealized loss of $7.35 billion. This portfolio has become a life-size test for crypto cash strategies: as long as the ETH are not sold, the loss remains accountable. It nevertheless weighs less heavily in the perception of the markets and that of shareholders.

The Saylor model applied to Ethereum with all its risks

To finance this accumulation, Bitmine replicated the financing scheme that Strategy made popular: a perpetual preferred stock offering at 9.5% annual dividend, aiming to raise up to $300 million. This model, however, faces growing scrutiny from investors, who question the ability of crypto cash companies to meet their dividend obligations in a sharply declining market. Strategy's STRC preferred stock thus fell to $90, or 10% below its par value, a tangible sign of this distrust. The same questions could quickly arise for Bitmine if Ethereum continues its decline.

What sets Bitmine apart from most of its competitors, however, is its treasury productivity. Approximately 85% of ETH held is staked, generating more than $300 million in annualized revenue — nearly $1 million per day — a source of liquidity that significantly reduces the pressure to sell during periods of high volatility. The question is therefore not that of Tom Lee's conviction — it is real, documented, and consistent for months. It is that of its resistance over time. Bitmine remains one of the few major treasury companies still in active accumulation mode, while the majority of its peers have suspended purchases and pivoted to selling. Visionary bet or off-cycle recklessness: the answer will depend on Ethereum's next move.

Conviction or obstinacy: the market will decide

The history of the markets is full of investors who were proven right too soon — and who didn't survive the wait. Tom Lee knows this better than anyone: his reputation was built on calls against the grain, sometimes brilliant, sometimes painful. What is certain is that Bitmine is not playing in the short term. With 85% of its ETH in staking, recurring revenues that exceed a million dollars per day and a financing structure modeled on the Strategy model, the company has built an architecture designed to resist pressure, not to avoid it. The fact remains that the market does not always have the patience for long-term convictions.

If Ethereum does not return to significantly higher levels by the end of the year, the question of Bitmine's economic model will arise with increasing urgency. For now, Tom Lee has chosen to respond to the decline by purchasing.