Over the past week, Bitmine acquired 27,801 ETH, bringing its reserve to 5.77 million coins. This accounts for 4.8% of the current circulating supply of ether. Such a scale of accumulation indicates the company's strategic vision: it is clearly making a long-term bet on the growth of Ethereum's value.
The structure of the reserve deserves special attention. Of the 5.77 million ETH, 4.92 million coins are staked, equivalent to 85% of all holdings. This suggests that Bitmine is not just holding the asset but actively using it to generate income through the Proof-of-Stake mechanism. Given the current annual staking yield for Ethereum (around 3-4%), this provides the company with a steady passive income, strengthening its financial stability.
Separately, Chairman of the Board Tom Lee noted that the launch of Robinhood Chain contributes to the perception of ETH as money. Indeed, the integration of Ethereum into the infrastructure of major platforms like Robinhood expands its utility and brings it closer to the status of a global settlement medium.
My analysis: The accumulation of nearly 5% of the total ETH supply by a single player is a powerful signal for the market. Bitmine is essentially becoming one of the largest whales, which could reduce liquidity on exchanges and create a supply shortage. Combined with the high percentage of staking, this forms fundamental support for the price of ether in the medium term.