BitMine's strategy to buy Ether has reached the fourth million tokens.

BitMine Immersion Technologies (BMNR) has taken a significant step forward in its ambitious digital asset accumulation strategy. The ether treasury company, led by Thomas Lee of Fundstrat, has surpassed the psychologically important threshold of 4 million ethereum. This milestone is reached while many other market participants are actually reducing their positions in response to recent price declines in the crypto markets.

From 98,852 to 4 million ether - BitMine’s ambitious buildup

In the past week, BitMine acquired no less than 98,852 ETH tokens, representing an investment of approximately $300 million based on the prevailing exchange rates at the time. This transaction brings the total ethereum holdings to 4,066,062 tokens, accounting for about 3.37% of the current global ether supply. By comparison: this places BitMine in an exceptional position among publicly traded companies actively buying and holding ether.

The pace of acquisitions remains remarkably consistent. The previous week, the company acquired 138,000 ETH, indicating that the strategy is not slowing down but rather continuing. These regular additions suggest a deliberate buildup phase aimed at a more ambitious end goal — BitMine aims to eventually own 5% of all available ether.

Treasury value and market position in focus

BitMine’s cash reserves remained stable at $1 billion during the same period. This indicates that the company can continue actively buying ether not only through debt but also from its own resources without jeopardizing its liquidity position.

The pure value of the ether treasury alone currently exceeds $12 billion. This makes BitMine the owner of the largest known ETH reserve among public companies worldwide. This stands in stark contrast to the current ethereum price of $2.36K (with a 24-hour decline of 2.06%), but provides a strategic foundation for future value growth.

At the same time, the company reports that it has more than $3 billion in unrealized losses on its holdings. These figures reflect the volatility that ethereum and broader crypto markets have experienced in recent months — prices have fallen from peaks around $3,170 to lower levels.

Counter-cyclical accumulation - buying while others sell

A notable aspect of BitMine’s strategy is the timing of these purchases. While most digital asset reserves have been selling or freezing their investments during this period, BitMine is choosing to strengthen its position.

This week, as crypto markets came under pressure with ETH dropping from weekend levels to below $2,800, BitMine was accumulating. This is a classic counter-cyclical investment strategy: buying when prices fall and sentiment is negative, rather than when all markets are rising.

The contrast with industry peers is relevant. Many other companies in the digital asset space already adopted defensive positions last year. In contrast, BitMine shows that there are still actors who believe in the long-term value creation of ethereum, regardless of short-term volatility.

Share and market dynamics

The reaction of financial markets to this news was positive. BMNR shares rose by 4.5% in pre-market trading, building on an earlier 10% increase on Friday. This suggests that investors appreciate this aggressive accumulation approach as a sign of long-term confidence in ethereum.

The price of ethereum itself stabilized above $3,000 after the earlier dip to $2,800. Although still far from historical peaks, this recovery indicates that the market continues to rebound from recent corrections.

Future outlook - On the way to 5% of all ether

BitMine’s goal to own 5% of all available ethereum has not yet been reached, but the recent trend suggests serious progress. With 4 million tokens now in hand, and given the current total ether supply, the company is well on its way.

The question is whether this pace will be maintained. With a cash position of $1 billion intact and a clear strategic focus, BitMine appears well positioned to sustain this tempo. At the same time, ethereum price volatility will determine when the next accumulation moments are most optimal.

The implication is clear: for those interested in how institutional players buy ether and build long-term positions in digital assets, BitMine’s strategy offers an instructive example of counter-cyclical investing and consistent execution despite market volatility.