Bitmine Immersion Technologies (BMNR) is making headlines almost every day now, and as of the latest updates, it has reached 72.3% of its plan to own 5% of all ETH.
Despite a weak market, the company kept buying, and its total holdings have now reached about 4.37 million ETH, giving it control of more than 3.6% of the total supply.
Source: BitMine’s total ETH holdings
Bitmine shifts from Bitcoin to Ethereum
The company first entered the crypto space cautiously in June 2025 by purchasing 100 BTC as per CoinGecko data. A week later, it added another 154 BTC.
After that, its Bitcoin [BTC] holdings remained mostly unchanged, currently sitting at about 193 BTC. However, the real shift happened in July 2025 when Bitmine decided to focus almost entirely on Ethereum.
When Ethereum [ETH] was trading around $2,900 in July 2025, Bitmine made three major purchases totaling more than 566,000 ETH. From that point on, its buying became much more aggressive.
As market volatility increased in the second half of 2025, Bitmine continued accumulating large amounts of ETH.
In August, it added 880,800 ETH. In September, it bought 937,601 ETH.
October saw another 662,163 ETH added, followed by more than 797,000 ETH combined in November and December.
Buying spree continues in 2026
Interestingly, the buying did not stop in 2026, even as the market remained weak. In January, Bitmine added 132,813 ETH, and in the first three weeks of February, it purchased another 128,160 ETH.
By the 22nd of February, the company’s total Ethereum holdings had reached 4,371,497 ETH.
In fact, by consistently buying during downturns, Bitmine has lowered its average purchase cost and secured a significant portion of Ethereum’s total supply. This strategy reflects more than simple dip-buying.
It represents a long-term bet that the current weak market phase is an opportunity before a potential future supply shortage driven by institutional demand.
Stock price action and more
This came at a time when Bitmine’s stock was trading at $20.13, up 0.85%, while ETH was priced around $1,972.55 after a major pullback.
Needless to say, other companies are also building their positions, though on a much smaller scale. SharpLink has accumulated 864,840 ETH and is actively increasing its holdings.
GameSquare has entered the space more recently, holding 15,630 ETH so far. While these numbers are far below Bitmine’s position, they show that more companies are beginning to see Ethereum as a long-term strategic asset rather than just a speculative investment.
Final Summary
- By reaching 72.3% of its 5% ownership goal, the company is moving closer to becoming one of Ethereum’s most influential holders.
- Its consistent buying during market downturns shows strong confidence in Ethereum’s future value.