Overview

• Bitmine confirmed purchasing 128,718 ETH for about $480 million after a steep drop tied to President Trump’s tariff announcement, with Ethereum down roughly 15.6% to near $3,792.
• The haul brings Bitmine’s holdings to approximately 2.96 million ETH, nearly 2.5% of circulating supply and the largest corporate ETH treasury, with a stated goal of reaching about 5% of supply.
• On-chain trackers recorded flows linked to the accumulation, including 24,409 ETH withdrawn from Kraken and 8,914 ETH sourced via FalconX, alongside newly activated wallets.
• Media estimates peg unrealized losses near $2.13 billion based on a prior average entry price of about $4,535 per ETH, even as the firm continues to add to its position.
• Bitmine runs validator operations that generate roughly 3–5% annual yields and has backing reported from Founders Fund and ARK Invest, with additional buys earlier in the week totaling more than 200,000 ETH.