Ethereum treasury company Bitmine announced that it loaded 71,179 ETH over the past week, bringing its share of the supply to 3.92%.
Bitmine continued its aggressive accumulation of Ethereum
As announced in a press release, Bitmine participated in additional purchases of Ethereum over the past week. In total, the company added 71,179 ETH with this accumulation spree, currently worth almost $146 million. The purchase is above the company’s recent weekly average. “Bitmine has maintained the accelerating pace of ETH purchases in each of the last four weeks, as our base case is that ETH is in the latter stages of the ‘mini-cryptocurrency winter,’” said Thomas “Tom” Lee, president of Bitmine.
Originally a company focused on Bitcoin mining, Bitmine pivoted to an Ethereum treasury strategy in mid-2025. Since then, the company has followed in the footsteps of Michael Saylor’s strategy, continually accumulating ETH even as the bear market occurred.
The sector has recently faced a particularly high degree of uncertainty due to the war situation in Iran. Lee, however, highlighted that crypto held up well even as the war entered its fifth week, with ETH outperforming stocks by 1,160 basis points. In contrast, gold, the traditional safe haven, underperformed by more than 750 basis points. “Crypto is proving to be a good store of value in times of war,” noted the Bitmine president.
Following the latest addition, Bitmine’s Ethereum reserves increased to 4,732,082 ETH, which is equivalent to 3.92% of the total circulating cryptocurrency supply. The company has set a target of 5% of supply, so at the current figure it is already more than 78% of the way towards the target in just eight months.
Lately, Bitmine has also invested its ETH in staking to earn passive income through Proof-of-Stake (PoS) contract. Unlike BTC, where miners secure the network, ETH is instead protected by stakers, validators who offer an initial “stake” to participate in the development of a consensus. Just like how miners earn rewards for mining blocks, stakers also receive rewards when they add a block to the chain.
According to the press release, Bitmine currently has a total of 3,142,643 ETH, which represents 66% of the total reserves held by the company. “Bitmine has staked more ETH than other entities in the world,” Lee said.
Bitmine is not the only organization locking its ETH in the PoS contract. As Arkham pointed out in an article “That’s more ETH than they’ve EVER staked before,” Arkham explained.
The transactions to the staking contract made by the Ethereum Foundation | Source: Arkham on X
ETH Price
Ethereum fell below the $2,000 level earlier, but the coin opened the new week with a recovery above $2,060.
Featured image of Dall-E, chart from TradingView.com
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