BitMine doubles down on Ethereum, eyes 2026 pivot

BitMine bought 45,759 ETH for $91M, raising holdings to 4.37M ETH. Despite losses, it remains bullish, staking most ETH and targeting 5% supply control by 2026.

BitMine Immersion Technologies has intensified its Ethereum accumulation, purchasing 45,759 ETH for around $91 million. This brings its total holdings to 4.37 million ETH, representing 3.62% of the circulating supply. Despite Ethereum’s price dropping 60% from its all-time high and nearly $8 billion in unrealized losses, BitMine remains committed to its strategy. Over 3 million ETH are staked, generating $176 million in annualized rewards. The company’s total assets now stand at $9.6 billion, including a $200 million investment in Beast Industries. Chairman Tom Lee described the current market as a “mini-winter,” noting similarities to previous lows but emphasizing the absence of major collapses. He remains optimistic about Ethereum’s future, expecting 2026 to be a decisive year. Lee highlights long-term trends like tokenization, privacy, and AI integration as growth drivers. BitMine’s approach contrasts with broader market caution, as it continues to buy ETH regardless of short-term price movements, aiming to control 5% of the ETH supply within seven months.