The BMNR stock is down today at the market open as Bitmine announced a new weekly Ethereum purchase, its largest this year. The stock price’s decline also comes as the Ethereum treasury continues to sit on an unrealized loss of over $6 billion, with ETH still well below its average cost price.
BMNR Stock Down Over 3% Amid New Bitmine’s Ethereum Purchase
In a press release, Bitmine announced that it acquired 101,627 ETH ($235 million) over the past week, marking the fastest pace of accumulation since the week of December 15, 2025. The company now holds almost 5 million ETH, which represents 4.12% of the ETH supply.
It is also worth noting that this also marks Bitmine’s largest weekly purchase this year, surpassing the $157 million Ethereum purchase it announced last week. The BMNR stock has fallen amid the announcement of this latest purchase.
The stock’s price is down over 3% at the market open today, currently trading at around $22, according to TradingView data. The BMNR stock is also down 21% since the start of the year, mirroring Ethereum’s price action given the company’s ETH exposure.
Bitmine is currently sitting on an unrealized loss of $6.3 billion, with their average ETH purchase price around $3,600, according to DropsTab. However, the Ethereum treasury has continued to accumulate more ETH each week despite this drawdown in its portfolio due to the ETH price crash this year.
With the latest Ethereum purchase, Bitmine is closer to reaching its ‘Alchemy of 5%,’ which is to own 5% of the total ETH supply. Meanwhile, despite the BMNR stock’s YTD decline, it remains one of the most-traded U.S. stocks, signaling institutional interest in gaining ETH exposure.
Signs That Crypto Winter May Be Ending Soon
Bitmine’s Chairman, Tom Lee, said they are seeing growing signs that the ‘mini-crypto’ winter is coming to an end. He pointed to ETH’s 41% rise from its early February lows as downside tail risks for the U.S.-Iran war diminish.
The BMNR stock is also up over 4% in the last month as traders price in an imminent end to the war. The crypto stock had also climbed last week as Iran announced plans to reopen the Strait of Hormuz. However, Iran has since closed the Strait again, which is one of the reasons the crypto stock and ETH are facing downside pressure today.
Tom Lee signaled that they remain bullish on their Ethereum strategy as ETH continues to “benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains.” He added that there is a lot of meaning in ETH being the leading asset since the war started.
Also Read: Top Platforms For Tokenizing Real-world Assets
