BitMine expands ETH reserves: new purchase of $92 million
BitMine Immersion Technologies continues to aggressively accumulate Ethereum. Over the past week, the company acquired 52,203 ETH worth approximately $92 million. This is a notable, though somewhat smaller, transaction compared to the record purchases of the previous two weeks.
As a result, BitMine's current reserves have reached an impressive 5.67 million ETH. At current market prices, this package is valued at nearly $10 billion. To put this into perspective: it is equivalent to 4.7% of the entire circulating supply of Ethereum. This level of concentration places BitMine alongside the largest institutional holders of the second-largest cryptocurrency by market capitalization.
Accumulation Strategy Continues
Company Chairman Tom Li confirmed that BitMine intends to maintain a steady pace of asset accumulation throughout 2026. This indicates long-term confidence in Ethereum's prospects despite potential market corrections.
It is worth noting that the latest purchase was smaller in volume than in the previous two weeks, which may suggest a temporary adjustment in pace—possibly due to market volatility or tactical portfolio management considerations.
My analysis. BitMine's strategy is not merely speculation but a signal to the market. When a public company concentrates nearly 5% of an asset's total supply, it creates a powerful fundamental factor of scarcity. In the long term, if demand for Ethereum continues to grow from DeFi, NFTs, and institutional solutions, such accumulations could significantly impact price dynamics. However, investors should remember the risks of excessive concentration: if BitMine decides to change its strategy, it could trigger localized market pressure.