Bitmine’s $128M Buying Spree Propels Ethereum Holdings Past 4 Million ETH

Mega-whale Bitmine just dropped another nine-figure bet on Ethereum—and the crypto markets are feeling the tremor.

The Accumulation Game

Forget dollar-cost averaging. When you're sitting on a war chest, you go shopping. Bitmine's latest $128 million acquisition spree wasn't a nibble; it was a strategic gorge, pushing its total ETH stash well beyond the 4 million mark. That's not just a position—it's a statement of conviction in the middle of what traditional finance would call 'uncertain times.'

What the Whale Sees

This isn't random speculation. Moves of this scale telegraph a long-term thesis. While retail traders chase memecoins and leverage, institutional-grade players are building foundational positions in core assets. They're betting on Ethereum's utility layer, its developer ecosystem, and its role as the backbone of the next financial system—not next week's pump.

The Ripple Effect

Whale buys of this magnitude do more than just move the price ticker. They drain liquidity from exchanges, shifting supply from 'for sale' to 'in cold storage.' It signals confidence to other large holders and can often precede a broader market reassessment of an asset's value. It's the ultimate vote of confidence, paid for in cold, hard cash.

A Cynical Footnote from Finance

Meanwhile, on Wall Street, analysts are still debating whether crypto is a 'real asset class' while quietly routing client funds into the same ETFs these whales are bypassing entirely. The old guard talks; the new guard accumulates.

Bitmine isn't just buying Ethereum. It's buying the future—and it's paying a premium to get there first.

Ether strategy gains tractions as price recovers

Bitmine’s Ether stash now represents about 3.36% of Ethereum’s total circulating supply of roughly 120.7 million ETH, according to company data. The firm has publicly stated its goal of eventually owning 5% of all ETH in circulation, a target it refers to internally as the “alchemy of 5%.” 

🧵BitMine provided its latest holdings update for Dec 22th, 2025:

$13.2 billion in total crypto + "moonshots":
-4,066,062 ETH at $2,991 per ETH (@coinbase)
– 193 Bitcoin (BTC)
– $32 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
– total cash of $1.0 billion.…

At current market prices, Bitmine’s ETH holdings are valued at approximately $12.17 billion. Data from Strategic ETH Reserve suggests the company has already completed around two-thirds of its stated accumulation target.

“We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings,” Lee said.

Bitmine’s accumulation strategy mirrors earlier corporate bitcoin treasury moves led by firms such as Strategy Inc., though Ethereum-based treasury strategies remain far less common at this scale.

Market impact and recent developments

Bitmine’s growth coincides with the rise in institutional interest in Ethereum as the tokenization, staking yield, and financial infrastructure based on blockchain are expected. The company said it plans to deploy a proprietary staking solution in early 2026 to generate yield on its holdings.

“We continue to make progress on our staking solution known as The Made in America Validator Network (MAVAN). This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026,” Lee said.

Meanwhile, Bitmine’s stock (BMNR) has risen more than 600% over the past six months, coinciding with the launch of its Ethereum treasury strategy in June. The company now ranks among the most actively traded stocks in the U.S., reflecting heightened investor attention.

Although the strategy of Bitmine emphasizes the increasing trust in Ethereum as a future investment, it also shows the concentration risks and market power associated with big corporate crypto holdings.

Also Read: Ethereum Developers Unveil Post-Glamsterdam 2026 Upgrade “Hegota”