Ethereum treasury company Bitmine announced that it has accumulated 71,179 ETH in the past week, bringing its supply share to 3.92%.
Bitmine continues to actively accumulate Ethereum
As announced in a press release, Bitmine participated in additional purchases of Ethereum last week. The company has added a total of 71,179 ETH in this round of accumulation, which is currently worth almost $146 million. The purchase price is higher than the company’s recent weekly average. “Bitmine has maintained an increasing pace of ETH purchases over the past four weeks as our base case is that ETH is in the final stages of a ‘mini-crypto winter,’” said Bitmine Chairman Thomas “Tom” Lee.
Bitmine was originally a company focused on Bitcoin mining, but pivoted to an Ethereum financial strategy in mid-2025. Since then, the company has followed in the footsteps of Michael Saylor’s strategy and continuously accumulated ETH despite the bear market transition.
This area has recently faced a particularly high degree of uncertainty due to the war situation in Iran. However, Lee noted that cryptocurrencies are holding up well as the war enters its fifth week, with ETH outperforming stocks by 1,160 basis points. In contrast, traditional safe-haven gold has underperformed by more than 750 basis points. “Cryptocurrency is proving to be an excellent ‘wartime’ store of value,” Bitmain said.
With the latest addition, Bitmine’s Ethereum reserves increase to 4,732,082 ETH, representing 3.92% of the cryptocurrency’s total circulating supply. The company has set a target of 5% of supply, so current numbers mean it is already over 78% of the way to achieving that goal in just eight months.
Recently, Bitmine has been investing ETH in staking to earn passive income through Proof-of-Stake (PoS) contracts. Unlike BTC, where miners secure the network, ETH is instead secured by stakers, validators who put up initial “stakes” to participate in consensus building. Just as miners receive rewards for mining blocks, stakers also receive rewards for adding blocks to the chain.
According to the press release, Bitmine currently holds a total of 3,142,643 ETH, which represents 66% of the total reserves held by the company. “Bitmine stakes more ETH than any other entity in the world,” Lee said.
Bitmine is not the only organization locking up ETH in PoS contracts. As highlighted by Arkham in the X post, the Ethereum Foundation, a non-profit organization dedicated to supporting the ETH blockchain, has just transferred $46.2 million worth of cryptocurrency into a staking deposit agreement. “This is more ETH than they have ever staked,” Arkham explained.
The transactions to the staking contract made by the Ethereum Foundation | Source: Arkham on X
ETH price
Ethereum recently fell below the $2,000 level, but the coin has rebounded above $2,060 to begin the new week.
Featured image from Dall-E, chart from TradingView.com
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