BitMine is buying up Ethereum: $92 million on ETH in a week, reserves have reached 5.67 million coins
Major mining operator BitMine Immersion Technologies continues to aggressively expand its position in Ethereum. Over the past seven days, the company acquired 52,203 ETH worth approximately $92 million. This move increased BitMine's total reserves to an impressive 5.67 million ETH, which at current market prices amounts to nearly $10 billion.
Thus, BitMine's share of Ethereum's circulating supply has reached 4.7% — a significant figure that underscores the growing institutional concentration of the asset. For comparison, this level of control over issuance approaches that of some major ETFs and custodial services.
Notably, the latest transaction was more modest in volume compared to purchases in the previous two weeks. However, as company chairman Tom Lee emphasized, BitMine intends to maintain a steady pace of ETH accumulation into 2026. This signals a long-term strategy rather than a speculative entry.
My expert perspective: Accumulation at 4.7% of the total circulating supply is no longer just an investment — it is effectively strategic control over a significant portion of the network. If BitMine continues at the same pace, it could create a liquidity shortage in the market, especially amid growing demand for Ethereum for staking and DeFi protocols. However, it is worth noting that such large-scale purchases increase centralization risks, which contradicts the original philosophy of blockchain. In the long term, this could be both a driver of price growth and a reason for regulatory scrutiny.