In a landmark move for institutional crypto adoption, diversified digital asset firm Bitmine announced on February 23, 2026, the acquisition of 51,162 Ethereum (ETH) for its corporate treasury. Valued at approximately $188 million, this purchase represents one of the largest single corporate buys of ETH in history and marks a strategic pivot for the company.
The acquisition was funded through a combination of excess cash flow from Bitcoin mining and a recently completed $250 million private placement of senior secured notes. Bitmine's Chief Investment Officer, David Marcus, framed the move as a transition to an "ecosystem-agnostic" model, positioning Ethereum as the "essential utility layer" of the internet and a complement to Bitcoin's "digital gold" narrative.
The company plans to stake the entire 51,162 ETH holding, anticipating it will generate between $4.5 million and $6 million in annual passive revenue. This yield-bearing strategy is designed to offset operational costs and provide shareholders with diversified exposure to blockchain utility, from DeFi to real-world asset tokenization.
Analysts at JPMorgan suggested the purchase could trigger a "follow-the-leader" effect among other infrastructure firms, especially as regulatory clarity emerges with the anticipated "Digital Asset Market Clarity Act." The move is seen as a high-stakes validation of Ethereum's maturity, coinciding with the Ethereum Foundation's 2026 focus on network hardening.
Concurrently, on-chain data from Arkham Intelligence revealed that Ethereum co-founder Vitalik Buterin sold 3,788.57 ETH (worth ~$7.3 million) over three days. While such sales by prominent figures often attract market attention, analysts note this represents a small fraction of Buterin's holdings and is likely part of routine financial or philanthropic planning rather than a bearish signal.
