BitMine Immersion Technologies purchased another 101,901 Ethereum in the week ending April 27. That is the second consecutive large buy: the prior week saw 101,627 ETH acquired. Total holdings reached 5.08 million ETH, while unrealized losses climbed above $6.5 billion. The buying continues regardless.
Two Weeks, About 101,000 ETH Each Time
Between April 20 and 27, BitMine acquired 101,901 ETH. The previous week's purchase of 101,627 ETH was, per management, the largest single accumulation since December 2025. Together the two buys total 203,528 new tokens. At roughly $2,290 per ETH, that is approximately $466 million spent in 14 days.
BitMine is building a corporate ETH treasury along the same lines as Michael Saylor's Strategy, with Ethereum replacing Bitcoin as the core asset. The company trades on the NYSE under the ticker BMNR. A key backer is Fundstrat, the research firm founded by Tom Lee, who has publicly argued that ETH carries significant long-term upside. The parallel to Strategy's Bitcoin approach is deliberate.
$17.6B Invested: The Loss Math
Total investment in Ether is estimated at roughly $17.6 billion. At current prices near $2,290, the 5.08 million ETH is worth about $11.6 billion. The gap produces an unrealized loss exceeding $6.5 billion. BMNR shares have declined more than 20% year-to-date, according to Yahoo Finance data.
These are accounting losses until positions are sold. BitMine is not selling. The approach mirrors how Strategy behaved during Bitcoin's 2022 drop from $69,000 to $15,000, buying through the drawdown. The critical question for BitMine is whether it has enough capital to hold if ETH slides below $1,500 in a future cycle.
73% of Holdings in Staking: Yield by the Numbers
BitMine has staked roughly 3.7 million ETH out of 5.08 million total, about 73% of the portfolio. Current ETH staking yields run at 3.5-4% annually in native token terms. At that rate on 3.7 million ETH, the company earns approximately 130,000-148,000 new ETH per year simply for helping validate network transactions.
This creates a steady income stream without selling. Each staking reward gradually lowers the average cost basis across the full portfolio. Staking also reduces forced-sale risk: there is a built-in source of new tokens even without liquidating core reserves. The trade-off is that unstaking 3.7 million ETH takes weeks, so that slice of the portfolio is not quickly liquid.
ETH Back Above $2,400 After Months of Decline
Last week Ether crossed $2,400 for the first time in months. The first quarter of 2026 was rough for ETH holders: the token dropped from above $3,000 to near $1,800 in February and March as risk assets broadly sold off. The rebound tracked a stabilisation in US equity markets and the announcement of a tariff pause between the US and China.
Despite the recovery, ETH remains down 23% year-to-date. The immediate market catalyst is the US Federal Reserve decision on April 28-29. In CoinShares' weekly report published April 27, analysts recorded $192 million in inflows into ETH products for the third consecutive week. That suggests institutional money is returning to Ether after months of outflows at the start of the year.
Risks of the Corporate Treasury Model
Large single-asset concentration carries a distinct risk profile. ETH is more volatile than Bitcoin: with 5.08 million tokens on the books, every 1% price move shifts BitMine's balance sheet by roughly $115 million. ETH market liquidity is also lower than BTC, meaning large sales move the price more forcefully.
- Concentration risk: a single-asset portfolio with no diversification amplifies exposure to ETH's cyclical downturns.
- Unstaking 3.7 million ETH takes weeks. If liquidity is needed urgently, a large exit would pressure prices on its own.
- Shareholder pressure: if BMNR shares keep falling as paper losses grow, shareholders could push to reduce the position through votes or legal action.
- Selling a large ETH tranche (say, 500,000 tokens) could by itself move the market price down by several percent.
What This Signals for the Ether Market
In two weeks BitMine absorbed 203,528 ETH. Post-Merge, the Ethereum network issues roughly 60,000-80,000 new ETH per month. One company absorbed approximately three months of new supply in 14 days. For those looking to sell Ethereum for Ukrainian hryvnia, the presence of this consistent buyer supports demand on the ETH market.
The flip side is equally clear. If BitMine ever reverses course, the selling will be large and sustained. For now the company's actions say otherwise: two consecutive 101,000-ETH purchases in April signal that management is committed to accumulation at current price levels, not an exit.
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