Bitmine buys $83M in a day, raises ETH treasury to 4.326M (3.6% supply)
Bitmine Immersion Technologies has expanded its Ethereum treasury to roughly 4.326 million ETH (~3.6% of circulating supply) after buying 40,000 ETH (~$83.4M) in a single day, per on-chain data flagged by Lookonchain. The single-day buys comprised two 20,000-ETH purchases from custody provider BitGo. Bitmine has staked about two-thirds of its holdings (roughly 2.9 million ETH), signalling a long-term staking-and-yield strategy tied to its Ethereum infrastructure buildout. Executive chairman Tom Lee described the accumulation as opportunistic, citing improving fundamentals and attractive staking returns despite recent market weakness. With Bitcoin and cash reserves included, Bitmine’s total crypto and cash assets are around $10 billion. On-chain metrics show the market-cap-weighted staking rate near ~2.7%; CoinGecko treasury data indicate the next-largest public corporate ETH holder controls under 1% of supply, highlighting a concentration gap. For traders: the large, concentrated corporate accumulation and heavy staking reduce immediate sell pressure and could tighten circulating supply and liquidity, but weak macro momentum and poor demand mean the purchases have not yet triggered a sustained price recovery. Key keywords: Bitmine, Ethereum, ETH buy, staking, institutional accumulation.
Neutral
Short-term impact: neutral to mildly bullish — Bitmine’s large buys and the staking of roughly two-thirds of its ETH reduce immediate circulating supply and near-term sell pressure, which can support price stability during low-demand periods. However, the market has not reacted with a sustained rally so far, indicating the buys alone are insufficient to reverse weak momentum. Liquidity could be tighter, so large trades may face slippage.
Long-term impact: potentially bullish if continued — sustained accumulation by a sizeable corporate treasury and ongoing staking could materially concentrate supply over time and underpin price discovery, especially if other institutions follow. But this depends on broader demand recovery and macro conditions. Given CoinGecko data showing the next-largest corporate holder holds under 1% of supply, Bitmine’s outsized position changes market structure and increases single-entity influence on available supply.
Traders’ considerations: expect reduced immediate sell pressure and thinner liquidity for large orders; use tighter risk management around execution size and slippage. Monitor net inflows, staking/un-staking activity, and whether other institutions begin similar accumulation to gauge whether this concentration translates into durable upward price pressure.