BitMine increases reserves: buying ETH for $92 million and strategy for 2026
Last week, mining company BitMine Immersion Technologies completed a major transaction, acquiring 52,203 ETH, equivalent to approximately $92 million at current market rates. This addition led to a significant increase in corporate reserves: the company now holds 5.67 million ETH on its balance sheet, valued at nearly $10 billion. Thus, BitMine controls about 4.7% of the entire circulating supply of Ethereum.
Interestingly, the latest transaction was more modest in volume compared to purchases in the previous two weeks. This may indicate an adjustment in the pace of accumulation or a temporary pause before a new wave of aggressive buying. Company Chairman Tom Li confirmed that BitMine intends to maintain a steady pace of asset accumulation in 2026, signaling long-term confidence in Ethereum's prospects.
Analysis and Market Implications
Such large-scale purchases by a major institutional player are a clear signal to the market. BitMine, traditionally associated with Bitcoin mining, is diversifying its assets in favor of Ethereum, which may be linked to expectations of network growth after upgrades or to risk hedging. A 4.7% share of the total ETH supply makes BitMine one of the largest holders of the second-largest cryptocurrency, potentially impacting liquidity and price dynamics.
Expert opinion: Such concentration of assets with a single player creates both opportunities and risks. On one hand, it demonstrates deep faith in Ethereum as a long-term asset. On the other hand, such a significant share could lead to increased volatility with any major moves by BitMine. The market should closely monitor the company's next steps, especially in the context of its plans for 2026.