BitMine increased its ETH reserves: $92 million purchase and strategy for 2026
Last week, BitMine Immersion Technologies executed a major spot market transaction for Ethereum, acquiring 52,203 ETH for approximately $92 million. This purchase is part of the company's consistent strategy to accumulate the second-largest cryptocurrency by market capitalization.
As a result of this transaction, BitMine's total reserves reached 5.67 million ETH, equivalent to nearly $10 billion at current prices. For context, this represents about 4.7% of the entire circulating supply of Ethereum — an impressive figure that places the company alongside the largest institutional holders of the asset.
Slowing pace, but not ambition
Notably, the volume of the latest purchase was smaller than in the previous two weeks. However, this does not signal a change in long-term strategy. BitMine Chairman Tom Lee confirmed that the company intends to maintain a steady pace of ETH accumulation throughout 2026. This approach indicates deep confidence among management in the fundamental value of Ethereum and its role in the future of decentralized finance.
My analysis: BitMine's actions are a vivid example of a trend I observe among institutions: they are shifting from speculative investments to strategic accumulation, viewing ETH as a long-term store of value comparable to digital gold. If the company continues in the same vein, by the end of 2026 its share of the circulating supply could exceed 5%, which would put significant pressure on market liquidity and likely support an upward price trend.