BitMine purchased Ethereum for $92 million: corporate giant increases ETH reserves
Major mining operator BitMine Immersion Technologies continues to aggressively accumulate Ethereum. Over the past seven days, the company purchased 52,203 ETH for approximately $92 million. This marks the third significant purchase in a month, although the volume of the latest transaction was somewhat more modest than the previous two weekly deals.
As a result, BitMine's reserves have reached an impressive 5.67 million ETH. At current market prices, this portfolio is valued at nearly $10 billion, accounting for 4.7% of the entire circulating supply of Ethereum. Such concentration of the asset in the hands of a single player indicates strong institutional confidence in the long-term potential of the second-largest cryptocurrency by market capitalization.
Accumulation Strategy Remains
BitMine Board Chairman Tom Lee confirmed that the company intends to maintain a steady pace of Ethereum accumulation in 2026. This signals that BitMine views ETH not merely as a speculative instrument but as a strategic reserve asset, comparable in significance to Bitcoin for many institutional investors.
Interestingly, even a slight decrease in purchase volumes this week does not change the overall picture: BitMine is operating according to a well-calibrated plan, without reacting to short-term market fluctuations. Such discipline is characteristic of mature corporate structures that think in terms of multi-year horizons.
My expert perspective: Accumulating 4.7% of Ethereum's total circulating supply by a single miner is an unprecedented level of concentration. If other major players follow BitMine's example, we could see a significant reduction in ETH liquidity on exchanges, which historically has been a precursor to a bull rally. However, it is worth remembering the risks: such high centralization of reserves creates vulnerability for the entire ecosystem in the event of unforeseen actions by BitMine.