BitMine Buys 40,302 ETH ($117M), Raises Ethereum Treasury to ~4.24M ETH as It Targets 5% Supply
BitMine Immersion Technologies, chaired by Tom Lee, made a large ETH purchase last week of 40,302 ETH (≈$117.1M), its biggest single buy in 2026. The acquisition raises BitMine’s corporate treasury to roughly 4.24 million ETH (≈$12.2B), about 3.52% of circulating supply. The NYSE American–listed miner is pursuing a target of 5% of total ETH supply (~6.04M ETH). The company also holds 193 BTC and stakes over 2 million ETH (yield-generating at an estimated 2.81% annual rate), alongside equity positions (a $19M stake in WLD treasury firm Eightco and $200M in Beast Industries) and $682M cash — bringing combined crypto and cash holdings to about $12.8B as of Jan 25, 2026. Earlier reporting showed BitMine bought roughly $105M of ETH in early 2026 and held ~4.07M ETH with $915M available for further purchases, indicating continued accumulation and a steady ramp in staking operations. The moves underscore ongoing institutional ETH accumulation amid market weakness. For traders, the combination of large treasury holdings, active staking (reducing liquid supply), and stated accumulation targets may tighten available float and influence market sentiment, particularly during periods of low liquidity or price pullbacks.
Bullish
Net effect is modestly bullish for ETH. BitMine’s sizable and repeated purchases increase aggregated institutional demand and its public target to hold 5% of supply signals continued buying pressure. A large portion of BitMine’s ETH is staked, which effectively reduces liquid supply on exchanges and can tighten float — a bullish structural factor. Short-term price impact may be muted or mixed: concentrated buys can support prices during low-liquidity periods but may not immediately trigger sustained rallies without broader retail/institutional momentum. The company’s cash reserves and prior purchases indicate capacity for further accumulation, which raises the probability of future demand. Traders should watch on-chain flows from BitMine addresses, staking activity (outflows to validators), exchange balances, and liquidity around key support/resistance levels. Potential risks that temper the bullish view include profit-taking by large holders, market-wide risk-off events, or macro-driven liquidity withdrawals that could overwhelm the buy-side. Overall, repeated institutional accumulation and reduced available ETH supply from staking lean toward positive price pressure over the medium term while short-term sentiment may fluctuate.