Bitmine Approaches 5 Million ETH After $235M Purchase in Largest Weekly Buy of 2026

Bitmine Immersion Technologies has purchased 101,627 Ethereum tokens valued at approximately $235 million, marking its largest weekly acquisition of 2026. This transaction boosts Bitmine’s total Ethereum holdings to nearly 5 million ETH, representing close to 5% of the cryptocurrency’s circulating supply, according to reports from CryptoNews and Decrypt.

The recent purchase is part of Bitmine’s ongoing aggressive accumulation strategy, with the firm steadily increasing its Ethereum treasury throughout the year. CoinDesk highlights the company’s accelerated buying efforts, suggesting a deliberate move to secure a significant market position by approaching the 5 million ETH milestone.

Bitmine’s growing dominance comes as broader market indicators show positive signals for Ethereum. Analyst Tom Lee, quoted by BeInCrypto and Decrypt, maintains a cautiously optimistic outlook on crypto markets, noting that diminishing exchange reserves and inflows into Ethereum ETFs could herald an end to the current crypto winter.

With Bitmine’s holdings nearing nearly 5% of Ethereum’s supply, the firm's strategic expansion may influence market liquidity and pricing dynamics. Market watchers will be paying close attention to whether Bitmine reaches or surpasses its 5% target and how this impacts the broader Ethereum ecosystem in the coming months.