Bitmine Immersion Technologies (BMNR) is making the news almost every day now, and since the latest updates it has been reaches 72.3% of his plan to own 5% of all ETH.
Despite a weak market, the company continued to buy and its total holdings now stand at approximately 4.37 million ETH, giving it control over more than 3.6% of the total supply.
Source: BitMine’s total ETH holdings
Bitmine shifts from Bitcoin to Ethereum
The company first cautiously entered the crypto space in June 2025 by purchasing 100 BTC per 100 BTC CoinGecko data. A week later it added another 154 BTC.
After that it’s Bitcoin [BTC] The holdings remained largely unchanged and currently stand at approximately 193 BTC. However, the real shift happened in July 2025 when Bitmine decided to focus almost entirely on Ethereum.
When Ethereum [ETH] trading around $2,900 in July 2025, Bitmine made three major purchases totaling over 566,000 ETH. From that point on, the buying became much more aggressive.
As market volatility increased in the second half of 2025, Bitmine continued to accumulate large amounts of ETH.
In August it added 880,800 ETH. In September it bought 937,601 ETH.
Another 662,163 ETH were added in October, followed by more than 797,000 ETH combined in November and December.
The buying wave will continue in 2026
Interestingly, the purchases did not stop in 2026, even though the market remained weak. In January, Bitmine added 132,813 ETH, and in the first three weeks of February, it bought another 128,160 ETH.
As of February 22, the company’s total Ethereum holdings had reached 4,371,497 ETH.
By consistently buying during recessions, Bitmine has lowered the average purchase cost and secured a significant portion of Ethereum’s total supply. This strategy reflects more than just dip buying.
It represents a long-term gamble that the current weak market phase represents an opportunity ahead of a potential future supply shortage driven by institutional demand.
Stock price action and more
This came at a time when Bitmine stock was depleted trade at $20.13, up 0.85%, while ETH was priced about $1,972.55 after a major pullback.
Naturally, other companies are also building their positions, albeit on a much smaller scale. SharpLink has amassed 864,840 ETH and is actively expanding its holdings.
GameSquare recently entered the space and has 15,630 ETH in its possession to date. While these numbers are well below Bitmine’s position, they show that more companies are starting to view Ethereum as a long-term strategic asset rather than just a speculative investment.
Final summary
- By achieving 72.3% of its goal of 5% ownership, the company moves closer to becoming one of Ethereum’s most influential owners.
- The consistent buying during market downturns shows strong confidence in Ethereum’s future value.