BitMine increases ETH reserves: new purchase of $92 million
Major institutional player BitMine Immersion Technologies continues its aggressive accumulation of Ethereum. Over the past seven days, the company acquired 52,203 ETH, spending approximately $92 million on this purchase. This deal confirms the company's strategy to increase its share in the ecosystem of the second-largest cryptocurrency by market capitalization.
After the latest purchase, BitMine's total reserves reached an impressive 5.67 million ETH, valued at nearly $10 billion at current market prices. To put this into perspective: this accounts for 4.7% of the entire circulating supply of Ethereum. This level of concentration makes BitMine one of the largest holders of ETH among public companies.
Accumulation pace slows, but strategy remains unchanged
Notably, the volume of the latest transaction was smaller than in the previous two weeks. However, this does not indicate a change in direction. Company Chairman Tom Li stated that BitMine intends to maintain a steady pace of asset accumulation throughout 2026. This points to long-term confidence in the prospects of Ethereum as a foundational asset for decentralized finance and infrastructure solutions.
From my perspective, BitMine's actions are not merely speculative play but a strategic move to build a reserve that could be used for staking, lending, or backing other products. Given that ETH continues to dominate the DeFi sector, such concentration of assets among institutional players could significantly impact market liquidity and price dynamics in the medium term.