Bitmine Adds Another 76,881 ETH for $135M as Total Ethereum Treasury Surpasses 5.6M

Bitmine crossed that line a while ago. The Tom Lee-backed firm has just added another 76,881 ETH to its already enormous Ethereum treasury.

Thereby, spending approximately $135.6 million on the purchase last week and it is doing so while sitting on an unrealized loss that would make most institutional investors reach for the exit. Bitmine is not reaching for the exit. It is reaching for more ETH.

Bitmine Ethereum Treasury Now Stands at 5.62 million ETH

The latest purchase pushes Bitmine’s total Ethereum holdings to 5,620,754 ETH, a figure that places the company among the largest institutional Ethereum holders in the market by a considerable margin. At current prices, that position carries a market value of approximately $9.92 billion, making it one of the most significant single-entity concentrations of ETH anywhere in the world.

The average cost basis across the entire position sits at roughly $3,450 per ETH. With Ethereum trading well below that level, the math on the unrealized loss is straightforward and not comfortable reading for anyone watching from the outside. But Bitmine has consistently demonstrated that short-term price levels do not appear to factor into its accumulation decisions, and last week’s purchase is the clearest evidence yet that the strategy is not changing.

Over $9.5 Billion in Unrealized Losses on its ETH Position

The scale of Bitmine’s unrealized loss is worth sitting with for a moment. Despite holding nearly $10 billion worth of Ethereum, the position is currently underwater by more than $9.5 billion against its cost basis. That is a drawdown that would have triggered institutional risk management protocols, board-level reviews, and forced liquidations at most firms operating in traditional finance. Bitmine has absorbed it and kept buying.

Most investors following a dollar-cost averaging strategy would have paused, reassessed, or reduced exposure at some point during a loss of this magnitude. Bitmine appears to be doing the opposite. Every significant dip in ETH price has been met with further accumulation rather than reduction, and the pattern has now repeated enough times that it no longer looks like opportunism. It looks like a deliberate, long-duration institutional bet on Ethereum’s eventual recovery, one the company is willing to hold through substantial pain to see through.

Bitmine Staked 4.7 million ETH Generating $226 Million in Annualized Staking Revenue

What separates Bitmine’s approach from a straightforward hold strategy is what the company is doing with its Ethereum while it waits. As of June 14, 2026, Bitmine has staked 4,718,677 ETH, representing the vast majority of its total holdings, in its own staking operations. At current ETH prices of approximately $1,718 per coin, that staked position carries a value of around $8.1 billion.

The staking activity is generating real, measurable yield. Bitmine’s annualized staking revenues now stand at $226 million, with the company’s own staking infrastructure producing a seven-day yield of 2.79% annualized during the most recent tracking period.

That revenue stream does not eliminate the unrealized loss, but it fundamentally changes the economics of holding the position. Bitmine is not simply waiting for ETH to recover, it is generating hundreds of millions of dollars in annual yield while it does.

Staking Revenue Turns a Passive Hold into an Active Income Strategy

The $226 million annualized staking figure is not a footnote, it is central to understanding why Bitmine’s strategy holds together internally even when the mark-to-market numbers look alarming. At that yield level, the company is essentially being paid to wait. Every week that passes without an ETH price recovery still generates meaningful staking income that reduces the effective cost of carrying the position over time.

The 2.79% annualized seven-day yield that Bitmine’s staking operations produced is also a signal that the company has built serious staking infrastructure rather than outsourcing that function to third-party validators. Running staking operations at the scale of 4.7 million ETH requires meaningful technical and operational investment, and the yield it generates is income that flows directly back into the treasury rather than to an external provider.

Bitmine ETH Strategy Mirrors the Long-duration Playbook Strategy has on Bitcoin

The parallels between what Bitmine is doing with Ethereum and what Strategy has done with Bitcoin are hard to ignore. Both companies have adopted a treasury accumulation model that prioritizes long-duration holding over price-sensitive position management. Both sit on significant unrealized losses against their cost bases. And both have continued buying through the drawdown rather than reducing exposure.

The difference is that Bitmine has layered a staking yield on top of the accumulation thesis, meaning the company’s return profile does not depend entirely on ETH price appreciation. If ETH recovers to anywhere near Bitmine’s average cost basis of $3,450, the unrealized loss flips into a gain that would dwarf the staking revenue. Until then, $226 million per year in annualized staking income is what Bitmine is banking on to justify the conviction. At 5.62 million ETH and counting, the company is clearly not done making its case.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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