BitMine expands its positions: buying ETH worth $92 million in a week
A major institutional player continues to aggressively accumulate Ethereum. Over the past seven days, BitMine Immersion Technologies purchased 52,203 ETH for approximately $92 million. This deal is another step in a large-scale strategy to increase reserves.
Record Accumulation
As a result of active purchases, BitMine's total holdings have reached an impressive 5.67 million ETH. At current market prices, this volume is valued at nearly $10 billion. Notably, this package constitutes about 4.7% of the entire circulating supply of the second-largest cryptocurrency by market cap — an extremely significant share for a single institutional holder.
Pace and Plans
Interestingly, the latest purchase was more modest in volume compared to the previous two weeks. However, this does not indicate a weakening appetite. Company Chairman Tom Lee confirmed that BitMine intends to maintain a steady pace of asset accumulation throughout 2026. This signals long-term confidence in the fundamental value of Ethereum.
My analysis: BitMine's actions are not just speculative play, but a clear signal to the market. Controlling nearly 5% of ETH's circulating supply gives the company enormous influence over liquidity. If the pace of purchases continues, we may see further reduction in available supply on exchanges, which in the medium term will put upward pressure on the price. Investors should closely monitor the wallets of this giant.