BitMine’s $229M ETH Buying Spree Continues Unabated This Week
While traditional finance dithers, one crypto giant keeps stacking.
BitMine just dropped another massive buy order into the Ethereum market. The firm's relentless accumulation strategy has pushed its weekly haul to a staggering $229 million worth of ETH—a number that would make most hedge fund managers blush. This isn't just a trade; it's a statement of conviction.
The Strategy Behind the Stack
This isn't random speculation. The scale and consistency point to a calculated, long-term position build. They're not chasing short-term pumps; they're acquiring a core asset. In a landscape often driven by memes and hype, this level of sustained, institutional buying stands out. It's capital allocation with a purpose, not just another punt on a chart pattern.
What the Tape is Telling Us
Actions speak louder than analyst reports. When an entity with BitMine's resources commits this level of capital, it telegraphs a specific outlook on Ethereum's underlying value and future utility. It's a direct bet against the 'crypto winter' narrative and a vote of confidence in the network's fundamentals. Forget the talking heads on TV—watch where the smart money actually goes.
A Quiet Contrarian Bet
Amidst the noise of regulatory headlines and macroeconomic fears, this kind of steady accumulation is profoundly contrarian. It suggests someone sees a significant gap between current price and long-term value—a classic value-investing move, just dressed in digital asset clothing. It's the ultimate 'show me, don't tell me' approach to building a portfolio.
The final tally this week screams one thing: while Wall Street debates ETFs and writes cautious notes to clients, the real players are busy loading the boat. Sometimes, the most sophisticated financial move is simply to buy what you believe in—and keep buying.
BitMine Owns Over 3% of ETH Supply
BitMine has been aggressively accumulating Ether despite the market slump. The fresh purchase arrives days after the company disclosed a $140 million worth ETH buy from a hot wallet on FalconX.
Further, the NYSE American–listed company said Monday that it owns over 3.2% of the ETH token supply. According to CoinGecko ETH treasury data, the company has purchased 407,331 ETH in the last 30 days.
Early this month, BitMine bought nearly $70 million worth of ETH in three days, positioning itself as the biggest Ether-focused crypto treasury by a wide margin.
Days after, the company accumulated another $150 million of Ether to its balance sheet, adding 18,345 ETH via BitGo and 30,278 ETH through Kraken. The purchase marked one of the largest single inflows into a corporate ethereum treasury this year.
BitMine management said previously that the firm aims to control around 5% of all ETH supply.
ARK Buys $10.56M Shares in BMNR, Stock Slides
BitMine Immersion Technologies (BMNR) fell 3.04% on Thursday, closing at $29.32, per Google Finance data.
The slide comes after Cathie Wood’s ARK Invest bought $10.56 million worth of shares in the firm across its three exchange-traded funds on Wednesday. This purchase adds on top of the previous $17 million purchase of BitMine.
ARK also reported buying $5.9 million worth of Coinbase shares and $8.85 million worth of Bullish.
