BitMine’s $12B Ethereum bet: Accumulation and staking
5.8 Investments BitMine added 40,302 ETH last week, raising its total to 4.24M ETH (3.5% of supply). The firm aims for 5% by mid-2026 and has staked 2M ETH.
BitMine Immersion Technologies has notably expanded its Ethereum holdings, acquiring 40,302 ETH last week—valued at approximately $116–$117 million. This purchase brings BitMine’s total Ethereum assets to 4,243,338 ETH, representing about 3.5% of the circulating supply and valued at over $12 billion. The company’s strategy is to reach 5% of Ethereum’s total supply by mid-2026, having grown from zero ETH in June to its current position. BitMine has staked 2 million ETH, aiming for up to 5% annual returns, which has contributed to a staking queue exceeding 50 days. BitMine’s portfolio is heavily weighted toward Ethereum, with nearly 100 times more ETH than Bitcoin, alongside significant cash reserves and equity holdings. Despite aggressive accumulation, BitMine’s shares have declined recently. Its consistent weekly purchases, designed to avoid market disruption, have fueled speculation about a potential Ethereum supply shock, especially with nearly 30% of ETH locked in staking. BitMine has not sold any ETH since starting its accumulation phase in late 2025.
