BitMine increases ETH reserves: new $92 million purchase and strategy for 2026
Major mining player BitMine Immersion Technologies continues its aggressive accumulation of Ethereum. Over the past seven days, the company purchased 52,203 ETH, spending approximately $92 million on this transaction. This is a significant addition to the firm's cryptocurrency portfolio, but notably, the volume was lower than in the previous two weeks, which may indicate a correction in the pace of purchases.
Reserves approaching $10 billion
As a result of the latest transaction, BitMine's total reserves have grown to 5.67 million ETH. At current market rates, this is equivalent to nearly $10 billion. Such an impressive volume accounts for about 4.7% of the total circulating supply of Ethereum. This makes the company one of the largest institutional holders of the asset, which inevitably impacts market dynamics and liquidity.
Future plans: stability instead of a race
Company Chairman Tom Lee commented on the strategy, stating that BitMine intends to maintain a steady pace of ETH accumulation in 2026. This signals to the market a long-term confidence in the asset, rather than short-term speculative play. The reduction in the volume of the latest purchase compared to previous weeks could be either a tactical pause or a reaction to current volatility.
My analysis: Such actions by major miners often serve as an indicator of "smart money" sentiment. Accumulation worth $10 billion at current prices suggests that BitMine sees significant growth potential for ETH, despite market fluctuations. However, investors should consider that such a high concentration of the asset with a single player carries risks for short-term liquidity.