Bitmine’s aggressive accumulation of Ethereum is not just another headline; This is a sign that a new business strategy could be taking shape in the digital assets space. At a time when most companies are still cautiously exploring digital assets, Bitmine is moving forward with conviction, creating one of the largest positions in ETH and signaling a shift in how companies can view their balance sheets, capital allocation, and long-term positioning.
How Ethereum is becoming more than a passive Treasury asset
Bitmine Immersion Technologies, Inc. (BMNR) had just become one of the largest Ethereum holders in the industry. Even though the company loses $6 billion on its position, it continues to buy. GlydeGG co-founder Jeremy revealed on
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Despite this, the company did not sell a single coin and added another 101,627 ETH last week alone, marking its largest weekly accumulation of 2026. According to Jeremy, Bitmine said that the the company The goal is to hold 5% of all ETH issued, and they are already at 4.12%, putting them among the largest holders in the ecosystem. However, 73% of their holdings are staked, generating an estimated annualized revenue of $264 million.
There is precedent for this type of strategy. MicroStrategy, now widely known as Strategymade a similar aggressive move with Bitcoin, turning its corporate treasury playbook into a leveraged bet on a single digital asset. Additionally, Bitmine appears to be applying the same logic to ETH, and the company is already down $6 billion and still purchase.
What ETH’s lowest exchange supply ratio since 2016 means
Ethereum is sending one of its strongest structural signals in years. A crypto investor known as Milk Road on X highlighted that the exchange offering ratio (ESR) of ETH fell to 0.122, the lowest level since 2016.
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Amid this decline, the Ethereum Foundation has been actively selling and recently unloaded 10,000 ETH for $23.8 million on April 24, then released another $48.9. million. Simultaneously, they route sales over-the-counter (OTC), not through exchanges. ETH exchange supply has decreased. Although buyers are absorbing each offer, the exchange offer rate has not increased.
At the same time, the supply of ETH is being systematically removed from circulation, and approximately 39.2 million ETH, or approximately 31.5% of the total supply, is now staked.
Milk Road noted that over 3 million ETH is awaiting entry over the next 52 days, indicating that supply is being locked in faster than sellers can move it. The decline in exchange availability and increase in staking participation shows a price it hasn’t caught on yet.
Featured image from iStock, chart from Tradingview.com
