BitMine increases ether reserves: buying ETH for $92 million in a week
Major mining operator BitMine Immersion Technologies continues its aggressive accumulation of Ethereum. Over the past seven days, the company purchased 52,203 ETH worth approximately $92 million. This move increased BitMine's total reserves to 5.67 million coins, equivalent to nearly $10 billion in dollar terms.
Notably, this purchase volume was more modest than in the previous two weeks, when accumulation rates were higher. Nevertheless, the current portfolio already represents 4.7% of the entire circulating supply of Ethereum. This makes BitMine one of the largest institutional holders of the second-largest cryptocurrency by market capitalization.
Company Chairman Tom Li confirmed that the strategy will not change: in 2026, BitMine intends to maintain a steady pace of asset accumulation. It appears that management is making a long-term bet on Ethereum's growth, despite market volatility and potential regulatory risks.
My expertise: Such concentration of ETH in the hands of a single miner is a signal for the market. If BitMine continues its buying spree in the same vein, it could create a liquidity shortage on exchanges and support the price. However, it is worth remembering that any major player can initiate a sell-off if its strategy changes. For now, we are witnessing a confident "bullish" sentiment from institutional players.