BitMine has increased its ETH reserves: a $92 million purchase and a strategy for 2026
Major mining operator BitMine Immersion Technologies continues to aggressively accumulate Ethereum. Over the past week, the company acquired 52,203 ETH worth approximately $92 million. This deal is part of a consistent strategy to increase its share in the ecosystem of the second-largest cryptocurrency by market capitalization.
As a result of the purchase, BitMine's total reserves reached 5.67 million ETH, valued at nearly $10 billion at current market prices. This volume accounts for 4.7% of the entire circulating supply of Ethereum — an impressive figure that places the company alongside the largest institutional holders of the asset.
Accumulation pace slows, but strategy remains unchanged
Interestingly, the latest deal was smaller in volume compared to purchases in the previous two weeks. This may indicate a temporary slowdown in the pace of accumulation, but not a shift in the long-term course. Company Chairman Tom Lee confirmed that BitMine intends to maintain a steady rate of building its Ethereum position throughout 2026.
This strategy underscores management's confidence in Ethereum's long-term growth, despite current market volatility. BitMine appears to view ETH not merely as a trading instrument, but as a strategic reserve asset, similar to how some corporations accumulate bitcoin.
My analysis: A 4.7% share of the circulating supply is a significant signal for the market. If BitMine continues accumulation at this pace, by the end of 2026 the company could control over 6–7% of all ETH. This creates additional pressure on liquidity and could act as a catalyst for price growth, especially amid declining issuance following the transition to Proof-of-Stake.