BitMine expands ETH: $92 million purchase and reserves of 5.67 million coins
BitMine Immersion Technologies continues its aggressive Ethereum accumulation strategy. Over the past seven days, the company acquired 52,203 ETH worth approximately $92 million. This marks the third consecutive major purchase, although the transaction volume was slightly smaller than in the previous two weeks.
As a result, BitMine's current reserves have reached an impressive 5.67 million ETH, equivalent to nearly $10 billion. To put this into perspective: this accounts for about 4.7% of the total circulating supply of the second-largest cryptocurrency by market capitalization. Such a level of asset concentration makes the company one of the largest institutional holders of Ethereum on the market.
2026 Strategy: Stability Over a Race
Board Chairman Tom Lee confirmed that BitMine has no plans to change course. In his statement, he emphasized that the company will maintain a steady pace of asset accumulation in 2026. This signals long-term confidence in Ethereum's fundamentals, despite potential short-term price fluctuations.
Interestingly, BitMine is acting cautiously, not forcing volumes after two record-breaking weeks. The company is likely employing a dollar-cost averaging (DCA) strategy to minimize the impact of volatility. This approach is particularly relevant amid uncertainty in the macroeconomic environment and regulatory risks.
My expert perspective: The accumulation of 4.7% of Ethereum's circulating supply by a single company is an unprecedented level of concentration. If BitMine continues at this pace, it could control over 6-7% of all ETH by the end of 2026. This creates both centralization risks and a powerful bullish signal for the market. Institutional players are increasingly viewing Ethereum not as a speculative asset but as a strategic reserve — and BitMine is clearly leading the way here.