Bitmine boosts Ethereum (ETH) buys to $9.3B, targets 5% supply
Bitmine accelerated Ethereum (ETH) accumulation during a market downturn, buying 126,971 ETH in one week. The purchase is its largest in 2026 and lifted total Ethereum (ETH) holdings to 5.54 million ETH, valued around $9.3B. The firm is “doubling down” despite roughly $9.6B in unrealized losses on its Ethereum position, arguing the recent ETH price drop doesn’t match its view of Ethereum network fundamentals. Its stake is now about 4.59% of circulating ETH supply and the year-end goal remains 5% total ETH.
To fund more buys, Bitmine plans to issue a new class of preferred shares with dividend rights, similar to Strategy (STRC). It also reported $247M in cash and smaller allocations including BTC and equity interests (Beast Industries, Eightco Holdings).
Bullish
Bitmine’s fresh, very large weekly Ethereum (ETH) buys add a concrete spot-accumulation narrative that can support ETH demand expectations, especially with the company explicitly targeting 5% of total ETH supply. Even with sizable unrealized losses, the “doubling down” stance suggests persistent buyer conviction that traders may front-run during volatility. However, the effect is not guaranteed to be purely positive because Bitmine also faces earnings/derivatives volatility (implying potential future hedging or funding pressure). Netting both articles together, the near-term market read on ETH is modestly bullish for price sentiment, while long-term direction depends on whether capital raising and continued accumulation remain consistent.