Bitmine Immersion Technologies has expanded its Ethereum treasury with another 12,535 ETH purchase, reinforcing its aggressive accumulation strategy despite continued weakness in cryptocurrency prices. The latest acquisition extends the company's uninterrupted weekly buying streak, even as Bitmine stock (BMNR) faces selling pressure.
According to an October 19 press release, Bitmine has purchased Ethereum every week since launching its ETH treasury strategy on June 30, 2025. The latest transaction follows its acquisition of 12,532 ETH the previous week, highlighting the company's commitment to building one of the world's largest corporate cryptocurrency reserves.
Following the purchase, Bitmine's total Ethereum holdings reached 6,041,481 ETH, equivalent to approximately 4.9% of the cryptocurrency's circulating supply. The company is now approaching its ambitious target of controlling 5% of all ETH.
Additionally, Bitmine reported that 5,067,309 ETH, valued at approximately $12 billion, is currently staked. Its combined cryptocurrency, cash, and marketable securities holdings have reached roughly $15.1 billion.
Despite the significant Ethereum purchase, BMNR stock struggled to gain momentum. Shares traded near $21, declining more than 1% around the market open and extending their five-day losses beyond 5%. The downturn reflects broader weakness across cryptocurrency-related equities as investors reduce exposure to riskier assets.
Bitmine Chairman Tom Lee attributed the deteriorating market sentiment to several macroeconomic pressures, including concerns about artificial intelligence financing, AI model safety, rising global bond yields, and escalating tensions surrounding the U.S.-Iran conflict.
Lee also highlighted uncertainty ahead of the U.S. midterm elections, which has contributed to reduced investor confidence. These developments have weighed heavily on semiconductor and memory stocks, particularly in South Korea and Taiwan.
According to Lee, the significant overlap between technology investors and cryptocurrency market participants has intensified selling pressure across digital assets.
Nevertheless, the Bitmine chairman remains optimistic about Ethereum's long-term prospects. He believes the current cryptocurrency market downturn could create attractive accumulation opportunities for investors willing to look beyond short-term volatility.
Lee emphasized that historically, periods of declining asset prices accompanied by resilient underlying fundamentals have offered favorable risk-reward opportunities.
With its Ethereum holdings approaching 5% of total supply, Bitmine continues positioning itself for a potential crypto market recovery while maintaining its long-term ETH accumulation strategy.
