BitMine is buying up Ethereum: a new batch of ETH worth $92 million and a strategy for 2026
Major mining operator BitMine Immersion Technologies continues its aggressive accumulation of Ethereum. Over the past week, the company purchased 52,203 ETH worth approximately $92 million. This is already the third significant purchase this month, although the volume of the latest transaction was smaller than in the previous two weeks.
As a result, BitMine's current reserves have reached 5.67 million ETH. At the current market price, this is equivalent to nearly $10 billion, accounting for 4.7% of the entire circulating supply of Ethereum. Such a level of asset concentration in the hands of a single institutional player is a rare phenomenon even for the cryptocurrency market.
Accumulation Strategy: Pace to Continue
Company Chairman Tom Li confirmed that BitMine intends to maintain a steady pace of Ethereum accumulation in 2026. This means we can expect similar purchase volumes to be repeated in the coming quarters. Given that BitMine already controls nearly 5% of all Ether, its actions have a noticeable impact on the liquidity and price dynamics of ETH.
Interestingly, the decline in the latest transaction volume could be linked to both market conditions and an optimization of the entry strategy. The company may be using averaging or waiting for more favorable price levels. In any case, accumulation on this scale is a strong bullish signal for long-term holders.
My view: BitMine is turning into one of the largest institutional holders of Ethereum, reinforcing the trend toward supply centralization. This simultaneously boosts confidence in the asset as "digital gold" but also creates risks for retail investors: large players could manipulate the market during sales. Keep an eye on their wallets — that is your key indicator.