BitMine is increasing its positions in ETH: $92 million spent on buying ether in a week.
BitMine Immersion Technologies continues to aggressively accumulate Ethereum, confirming its bet on this asset as a key element of its long-term portfolio. Over the past week, the company purchased 52,203 ETH, spending approximately $92 million. This is already the third major purchase in the last three weeks, although the transaction volume is slightly smaller than the previous two.
BitMine's reserves now stand at an impressive 5.67 million ETH, valued at nearly $10 billion at current prices. For comparison, this is equivalent to 4.7% of the total circulating supply of Ethereum on the market. This scale of accumulation makes the company one of the largest institutional holders of ether in the world.
BitMine Chairman Tom Lee confirmed that the strategy remains unchanged: in 2026, the company plans to maintain a steady pace of asset accumulation. This signals to the market that even amid potential volatility, major players see long-term potential in Ethereum, rather than a speculative instrument.
My analysis. BitMine's actions are a clear example of how institutional players are forming a "floor" for ETH, buying the asset during correction periods. If the pace of accumulation continues, it could create a supply deficit in the market, which would support the price in the long run. However, it is worth noting that such large players rarely sell positions quickly, so their balance sheet is more an indicator of confidence than a trigger for short-term growth.