BitMine expands its positions: buying $92 million worth of ETH in a week
Major mining player BitMine Immersion Technologies continues to aggressively accumulate Ethereum. Over the past week, the company acquired 52,203 ETH, equivalent to approximately $92 million at current market rates. This acquisition increased BitMine's total reserves to an impressive 5.67 million ETH, valued at nearly $10 billion.
Thus, the company's share of the total circulating supply of Ethereum has reached 4.7%. This is a significant indicator that highlights the growing institutional concentration of the second-largest cryptocurrency by market capitalization. Against the backdrop of such large-scale purchases, the market is increasingly asking: who will be the next major buyer capable of influencing the balance of supply and demand?
Accumulation Pace: Stability Instead of Records
However, it is worth noting that the latest transaction was more modest in volume compared to the previous two weeks. Company Chairman Tom Lee commented on this strategy, stating that BitMine intends to maintain a steady pace of asset accumulation throughout 2026. This signals to the market that the company is not chasing short-term speculative gains but is building a long-term position.
This tactic resembles the behavior of strategic investors who see Ethereum not just as an asset for short-term trading but as a fundamental element of future digital infrastructure. Given current macroeconomic trends and institutional interest, this approach appears justified.
Cryptalist Analytical Commentary: A 4.7% share of the total circulating ETH supply is already a level at which the actions of a single player can have a noticeable impact on liquidity and price dynamics. If BitMine continues accumulation at the same pace, by the end of 2026 its position could become one of the most dominant among public companies, which will undoubtedly increase volatility during any major market movements.