Bitmine Immersion Technologies has accumulated more than 6 million ETH, worth about $15. 5 billion, and now holds roughly 4. 9% of Ethereum in circulation.
The company began its sustained buying campaign in June 2025, purchasing ETH week after week as prices rose during the summer and fell through 2026. Bitmine has said it will stop making spot purchases once its holdings reach 5% of the total Ethereum supply, ending the accumulation strategy that made it the market’s most persistent large buyer over the past year.
After reaching that threshold, Bitmine plans to focus on generating returns from the ETH it already owns. Ethereum ETFs could continue to support demand: the funds hold about $15 billion of ETH and have recorded net inflows this year. Even so, the loss of Bitmine’s regular purchases could make it more difficult to maintain support for Ethereum’s price, while the broader digital-asset treasury sector has seen some companies fold, wind down operations or shift into other areas.