BitMine expands its positions: $92 million in ETH over the week
A major player in the digital asset market, BitMine Immersion Technologies, continues its aggressive accumulation of Ethereum. Over the past week, the firm purchased 52,203 ETH, spending approximately $92 million. This marks the third major deal in a month, although the volume of the latest purchase was more modest than in the previous two weeks.
As a result, BitMine's current reserves have reached an impressive 5.67 million ETH, worth nearly $10 billion at market prices. To put this into perspective: this is equivalent to 4.7% of the entire circulating supply of Ethereum. Such concentration of an asset in the hands of one company is a rare occurrence, even among institutional investors.
Accumulation Strategy: Pace to Continue
Company Chairman Tom Lee confirmed that BitMine has no intention of slowing down. In 2026, the company plans to maintain a steady pace of ETH accumulation. This indicates long-term confidence from management in the prospects of the second-largest cryptocurrency by market capitalization, despite potential short-term corrections.
In my view, BitMine's actions send a clear signal to the market: large institutions see Ethereum not just as a speculative asset, but as a fundamental element of the future financial infrastructure. If the company continues to increase its share of the circulating supply, it could exacerbate liquidity shortages on exchanges and support the price of ETH in the medium term.