According to CryptoComLearn, mining giant Bitmine has amassed 3.8% of the circulating supply of Ethereum, with its holdings now valued at $10 billion. This massive accumulation marks Bitmine as one of the largest Ethereum whales, underscoring growing institutional interest in the second-largest cryptocurrency.
Holdings Scale and Market Impact
With Ethereum's circulating supply at roughly 120 million tokens, Bitmine's stake amounts to approximately 4.56 million ETH. At current prices around $2,190, the total value exceeds $10 billion. Such a concentrated position gives Bitmine significant influence over Ethereum's price dynamics. The company likely acquired tokens through OTC deals, mining rewards, and open market purchases, signaling a long-term holding strategy.
Staking Surge and Price Movements
Ethereum's staking ratio has climbed to 31%, despite a 26% price drop earlier in 2026. Bitmine's accumulation adds to the locked supply, reducing circulating liquidity. Notably, related entity BitMNR has expanded its ETH holdings to 5.28 million tokens, suggesting a coordinated accumulation campaign within the group.
Whale Activity and Market Context
Other institutional whales, including a Matrixport-linked address, have also increased their ETH long positions during market declines. Bitmine recently purchased 89,026 ETH worth $197.64 million in a single transaction, drawing market attention. The mining firm's shift from Bitcoin dominance to Ethereum reflects the evolving crypto landscape.
Outlook and Risks
Owning 3.8% of circulating supply gives Bitmine significant governance power through staking and voting. However, the concentrated holdings pose potential liquidity risk if the whale decides to sell. For now, the accumulation signals strong conviction in Ethereum's long-term value proposition. Investors should monitor on-chain movements for early signs of position changes.
Disclaimer: This article is based on third-party information and does not constitute financial advice. Always conduct your own research.