In a major institutional move, digital asset firm Bitmine (BNMR) has significantly increased its stake in the Ethereum ecosystem. The company purchased 60,976 Ethereum (ETH) in a single week, its largest weekly acquisition in token terms for 2026. This strategic purchase, valued at approximately $120 million, brings Bitmine's total ETH holdings to 4,534,563 tokens, worth over $9 billion and representing roughly 3.76% of the network's circulating supply.
The acquisition is part of a deliberate strategy to accelerate accumulation based on a bullish market outlook. Bitmine's Chairman, Thomas Lee, stated the firm increased its buying pace from a recent weekly average of 45,000-50,000 ETH because it believes crypto prices are in the "late/final stages of the 'mini-crypto winter.'" Lee emphasized the firm's conviction, noting, "As the adage goes, nobody rings the bell at the bottom. Therefore BitMine’s strategy is to slightly increase its pace of ETH accumulation."
Beyond its massive Ethereum position, Bitmine disclosed a total asset portfolio valued at a staggering $10.3 billion. The diversified holdings include 195 Bitcoin (BTC), a $1.2 billion cash reserve, and strategic equity investments. These include a $200 million stake in Beast Industries (the holding company for YouTube star MrBeast) and a $14 million stake in Nasdaq-listed Eightco Holdings (OTCO). The Eightco investment is notable as the firm has a strategic investment in Worldcoin (WLD), giving Bitmine indirect exposure to the decentralized identity sector.
The firm is also generating substantial yield from its holdings, earning $174 million in annual revenue from staking over 3 million of its ETH tokens. This revenue could grow to $259 million annually once all tokens are staked. Despite the aggressive accumulation, the firm faces an estimated $7.8 billion in unrealized losses on its Ethereum position, accumulated during the market downturn.
