BitMine aims to hold 5% of the Ether supply after accumulating $199 million

BitMine Immersion Technologies (BMNR), a publicly listed cryptocurrency treasury company, has taken a major step toward its goal of controlling 5% of the total Ethereum (ETH) supply after a series of large purchases totaling approximately $199 million. According to the latest blockchain tracking data, BitMine—currently the world’s largest institutional Ether holder—has accumulated this amount in just the past two days.

The acquisitions were made through two major transactions: the first on Friday valued at $130.7 million, and the second on Saturday worth $68 million. As a result, BitMine’s total Ether holdings have risen to about $11.3 billion, equivalent to 3.08% of the total circulating ETH at the time of this announcement. The company is now closer than ever to its long-term goal of holding 5% of the Ethereum network.

BitMine’s aggressive buying spree comes at a time when most professional traders and large institutional investors are taking a short-term negative view on Ether.

BitMine accelerates buying despite industry-wide slowdown

The enterprise Ethereum market is showing clear signs of cooling. Among the largest companies, the total net treasury value—excluding flagship products—has reached a seven-quarter high of $67.5 billion. Corporate digital asset purchases, which track large investments in cryptocurrency, have dropped by as much as 81% in just the past three months. In August, companies accumulated a total of 1.97 million ETH, but this figure sharply declined to just 370,000 ETH in November.

Contrary to the overall trend, BitMine has chosen to ramp up investment. In just the past month, the company has purchased 679,000 ETH, equivalent to $2.13 billion. This investment accounts for the majority of Ether bought by enterprises in the same period, reinforcing BitMine’s leadership and strong confidence in Ethereum.

BitMine’s leadership remains consistent with its strategy of investing in the Ethereum platform as a pillar of the future digital economy. Maintaining an optimistic outlook, BitMine has repeatedly demonstrated that market downturns are not signs of decline, but opportunities to accumulate assets.

The company also maintains a cash reserve of up to $882 million, ready to continue investing if market conditions are favorable. However, while BitMine places great trust in Ethereum’s potential, professional traders are currently betting on a different short-term trend.

According to data from leading blockchain analytics platform Nansen, “smart money” traders have sharply increased their short positions. In the past 24 hours, ETH short positions rose by $2.8 million, bringing the total notional value to $21 million. This indicates that fund managers expect ETH prices to continue falling.

Institutional investor sentiment is also quite cautious. Spot Ethereum ETFs—which are the main driver of liquidity for this asset—continue to see outflows. On Friday alone, spot ETH ETFs reported net outflows of $75.2 million, marking the second consecutive day of withdrawals. This weak demand follows a strong $1.4 billion outflow in November, reflecting hesitation among institutional investors.

BitMine emerges as a major force in the Ether ecosystem

BitMine’s rapid expansion into the Ethereum ecosystem is having far-reaching effects. As the company approaches controlling 5% of the total ETH supply, BitMine is gaining an increasingly significant stake in a network where supply concentration could impact market structure, liquidity, and staking dynamics.

If it reaches the 5% mark, BitMine will hold more ETH than the combined total of the largest decentralized staking pools, setting a new standard for corporate asset control within Ethereum. This also raises questions about the evolution of traditional treasuries as cryptocurrencies become more integrated into mainstream financial systems.

BitMine’s current strategy is clear: aggressive investment, maintaining liquidity, and aiming to become a key player in Ethereum over the long term. Despite market concerns, the company’s recent moves reflect strong confidence in Ethereum’s growth potential and a commitment to continue buying until its 5% target is achieved.

Mr. Giao