Bitmine has resumed its Ethereum buying spree, purchasing 26,497 ETH worth approximately $52 million, according to Decrypt. The acquisition follows a week after the firm's largest purchase of 2026, though CoinDesk reports Bitmine slowed its weekly pace by more than 75% following a prior 112,000 ETH buying spree. Chairman Tom Lee stated the company aims to reach 5% of Ethereum's total supply "sometime in 2026."
The accumulation signals a strategic pivot in the crypto treasury landscape. While Bitmine doubles down on Ether, Michael Saylor's Strategy executed a bitcoin sale that analysts at CoinDesk described as "immaterial." One analyst suggested the BTC sale indicates a greater willingness to use bitcoin holdings to support the firm's capital structure, though others disagreed about its future implications.
Market reaction remains muted as ETH trades near $2,000, still well below its all-time high but above key long-term support levels. The divergent approaches — Bitmine hoarding ETH versus Strategy trimming BTC — highlight growing institutional conviction in Ethereum's long-term value proposition despite recent price volatility.
Some analysts maintain skepticism about Bitmine's ambitious 5% supply target, noting that executing such a large accumulation without distorting market prices will require careful execution over many months. The firm's reduced weekly purchase cadence may reflect an attempt to avoid triggering sharp price swings.