- Bitmine now holds approximately 4.37 million ETH, representing over 3.6% of Ethereum’s total supply.
- The company shifted focus from Bitcoin to aggressive Ethereum accumulation starting in July 2025.
- Continued buying during market weakness suggests a long-term institutional strategy tied to potential future supply tightening.
Bitmine Immersion Technologies is suddenly everywhere in crypto headlines, and not without reason. The company has now reached 72.3% of its ambitious goal to acquire 5% of Ethereum’s total supply. That’s not a marketing line. It’s a measurable, on-chain reality.
As of February 22, Bitmine holds roughly 4.37 million ETH, giving it control of more than 3.6% of the entire circulating supply. In a market that’s been anything but strong lately, the company didn’t slow down. It kept buying. Quietly at first, then aggressively.
From Bitcoin Starter Position to Full Ethereum Conviction
Bitmine didn’t dive into crypto recklessly. Back in June 2025, it entered cautiously with a 100 BTC purchase. A week later, it added another 154 BTC. Then… nothing major. Its Bitcoin position has largely stayed flat at around 193 BTC.
The real pivot happened in July 2025.
With Ethereum trading near $2,900 at the time, Bitmine executed three large purchases totaling over 566,000 ETH. That wasn’t testing the waters. That was a statement. From there, accumulation accelerated as volatility picked up across markets.
In August alone, the company added 880,800 ETH. September brought another 937,601 ETH. October saw 662,163 more. Then November and December combined for over 797,000 ETH. The pattern was clear. Market weakness wasn’t discouraging them. It was inviting them in.
2026 Buying Continues Despite Market Pullback
Interestingly, the buying didn’t stop when the calendar flipped.
In January 2026, Bitmine added another 132,813 ETH. During the first three weeks of February, it accumulated an additional 128,160 ETH. By February 22, total holdings stood at 4,371,497 ETH.
That kind of consistency changes the narrative. This isn’t short-term dip trading. It’s structured accumulation during downturns, which lowers the company’s average cost basis over time. More importantly, it steadily locks up a meaningful portion of Ethereum’s supply.
The strategy appears to reflect a long-term thesis: that institutional demand could tighten supply in future cycles. If that scenario plays out, controlling over 3.6% of supply becomes strategically powerful.
Stock Reaction and Broader Institutional Interest
Bitmine’s stock was trading near $20.13 at last check, up about 0.85%, while Ethereum hovered around $1,972.55 following a notable pullback. The divergence is interesting. Equity markets seem to be rewarding the conviction, even as crypto sentiment remains cautious.
Other companies are entering the arena too, though on a smaller scale. SharpLink has built a position of 864,840 ETH and continues accumulating. GameSquare has recently joined the trend with 15,630 ETH so far. These figures are modest compared to Bitmine’s holdings, but they signal something broader.
Ethereum is increasingly being viewed not just as a speculative asset, but as strategic digital infrastructure. Bitmine’s approach stands out for its scale and persistence. In a weak market, they didn’t retreat. They leaned in. And that may define the next phase of institutional positioning in crypto.
