BitMine continues to make headlines in the cryptocurrency market with one of the largest Ethereum purchases since the YTD, amidst positive signs of ETH recovery after a prolonged correction. According to reports, in the past week alone, BitMine spent approximately $302 million to accumulate an additional 98,852 ETH, marking the third consecutive week of aggressive Ethereum purchases worth hundreds of millions of dollars each week.
This massive buying spree has pushed BitMine's total Ethereum holdings past the 4 million ETH mark for the first time in the company's history. This figure represents approximately 3.37% of the total circulating supply of Ethereum in the market, making BitMine one of the world's largest ETH holders, surpassed only by a few large funds and custody platforms. At the current price, BitMine's total portfolio value is estimated at around $13.2 billion, with Ethereum accounting for an overwhelming proportion. In addition, the company maintains approximately $1 billion in cash, identified as a resource ready for further ETH purchases should suitable market opportunities arise.
BitMine's strategy isn't short-term. The company's leadership has repeatedly stated its long-term goal is to increase its holdings to approximately 5% of the total Ethereum supply, a figure large enough to give BitMine significant influence within the ETH ecosystem. The recent continuous accumulation of ETH coincides with positive market expectations for Ethereum, including the return of institutional investment, the expansion of Second-Layer Solutions, and the growing Vai of ETH in decentralized finance and the Tokenize of real assets.
However, the story surrounding BitMine isn't all rosy. The company's chairman, Tom Lee, a familiar face in the financial and cryptocurrency investment world, recently became the focus of controversy. This stemmed from a rather pessimistic forecast report published by Fundstrat, the investment fund founded by Lee himself, regarding Ethereum. According to Fundstrat's scenario, the price of ETH could undergo a deep correction and fall back to the $1,800–$2,000 range in 2026. This assessment immediately drew much criticism, especially as it coincided with BitMine's spending billions of dollars to buy and accumulate ETH.
