BitMine Immersion Technologies accelerated its Ethereum accumulation this week, adding nearly $199 million worth of ETH and pushing its holdings closer to 5% of total supply.
Key Takeaways:
- BitMine bought $199M in ETH across two large transactions, lifting its total holdings to roughly $11.3B or about 3.08% of circulating supply.
- Despite a broad slowdown in institutional crypto investment, the firm accumulated 679,000 ETH in the past month valued at more than $2.1B.
- The company’s rapid buying pace has renewed concerns about liquidity, supply concentration, and potential influence over the Ethereum network.
BitMine executed two major Ethereum purchases in a 48-hour span, acquiring roughly $130.7 million worth of ETH on Friday followed by another $68 million on Saturday, according to blockchain-tracking data cited in the initial report. These transactions lifted the firm’s total Ethereum holdings to approximately $11.3 billion. At current valuations, this places BitMine’s ownership at around 3.08% of all existing ETH, a position huge enough for a single corporation.
The firm’s buying streak has continued despite an 81% decline in corporate ETH acquisitions over the past quarter. While institutions have largely slowed their exposure amid market uncertainty, BitMine has moved in the opposite direction. Over the last month, it reportedly added 679,000 ETH, worth more than $2.1 billion, signaling a conviction-driven strategy focused on long-term accumulation rather than short-term price conditions. BitMine is also reported to hold over $880 million in remaining cash reserves, leaving room for additional large-scale purchases should the opportunity arise.
ETH Holds Steady Despite BitMine’s $199M Accumulation
As of this writing (10:00 AM UTC), Ethereum (ETH) shows strength in holding its current price over the past 24 hours, showing a modest 0.1% decline in the day as it trades $3,028.90. CoinGecko live data shows the token peaked intraday highs around $3,0961.90, while having touched $3,026.34, demonstrating a sideways movement in today’s trading session.
Technical indicators reflect a neutral-leaning market, with the 14-day Relative Strength Index sitting at 44.94, suggesting that buying pressure has not yet translated into momentum. Other technical metrics, including MACD and Stochastic analysis, show similarly muted activity. The absence of a significant price jump suggests that the market has largely absorbed the impact of BitMine’s purchases, or that broader caution continues to overshadow bullish catalysts.
BitMine Buying Sparks ETH Supply Concerns
BitMine’s aggressive accumulation carries broader implications for the Ethereum ecosystem. Having a nearly 5% of treasury for a single corporation raises concerns related to centralization, staking influence, and potential liquidity constraints across DeFi platforms. If a substantial portion of BitMine’s holdings were to be staked, it could meaningfully increase its validator presence, giving the company outsized sway over network operations compared to decentralized staking pools.
However, the firm’s accumulation may boost confidence in Ethereum’s long-term fundamentals, particularly its role in powering smart contracts, decentralized applications, and emerging crypto investment strategies. Large-scale corporate commitment often serves as a signal to other institutional participants, potentially shaping sentiment heading into 2026.
What’s Next
If BitMine maintains its current pace, it could inch closer to the 5% threshold within weeks or months, depending on market conditions and internal capital allocation decisions. Supply tightening from sustained accumulation may support long-term upward pressure on ETH, especially if demand rises alongside network upgrades such as Fusaka and increasing on-chain activity.
However, any potential price impact will remain tied to macro conditions, liquidity cycles, and regulatory developments. For now, BitMine’s strategy stands out in a market marked by caution, the firm as one of the most influential corporate players in Ethereum’s evolving landscape.
Summary
BitMine purchased roughly $199M in ETH across two trades, raising its holdings to about $11.3B (around 3.08% of supply) and prompting debate over concentration, staking influence, and potential liquidity effects on Ethereum.
