Bitmine Hoards ETH Like It’s Going Out of Style (Or Maybe It Already Did)

by

On February 17, Bitmine Immersion Technologies released a statement that read less like a press release and more like a “Look what I found in my couch cushions!” TikTok trend. They now own 4.37 million ETH-a mere 3.62% of the total supply, because why not? At roughly $1,998 per ETH, that’s about $8.7 billion in crypto wizardry, which accounts for most of their $9.6 billion in crypto and cash. Pro tip: If you ever feel poor, just remember this company exists.

New data suggests Bitmine’s strategy is part of a “quiet” institutional trend, which is finance-speak for “we’re buying while everyone else is panicking and/or napping.”

Bitmine Builds the World’s Largest ETH Treasury, Because Why Not?

Of their 4.37 million ETH, a cool 3.04 million is staked, generating an estimated $176 million annually in staking rewards. That’s like finding $176 million in loose change under your mattress every year. The company claims this could rise to $252 million once their “Made in America Validator Network” (MAVAN) launches in 2026. No word yet on whether MAVAN stands for “Make America’s Wallets Absurdly Valuable, Nerd.”

Bitmine’s chairman, Thomas “Tom” Lee, bragged they bought 45,759 ETH last week “regardless of short-term price movements.” Translation: “We bought so much ETH, our CFO started speaking in memes.”

In just seven months, they’ve achieved 70% of their goal to own 5% of the ETH supply. At this rate, they’ll hit 100% ownership by 2042 and become the first company to legally own the internet. Congrats!

Treasury Data: Concentration, Not Distribution (Read: The 1% Are At It Again)

Coingecko reports that 6.3 million ETH is held by only 28 entities–5.2% of the total supply. Bitmine alone owns over half of that, making them the Monopoly champion of Ethereum. Meanwhile, the rest of us are out here arguing about whether Dogecoin will buy Twitter.

The USD value of Ethereum in treasuries has dropped 39%, but the ETH itself isn’t going anywhere. These institutions are holding tight, like a toddler clinging to a stolen cookie.

Ethereum Price Lags, Because of Course It Does

ETH is down from late-2024 highs and recently flirted with $2,000 after briefly dipping below $1,900. Technical indicators show “tentative” recovery signs, which is crypto for “we’re not sure if this is a rebound or a mirage.”

Spot ETF flows? Negative. Institutional interest? Quietly aggressive. It’s like watching a silent auction where everyone’s bidding with Monopoly money, but the prize is a real house.

Bitmine’s Master Plan: Tokenization, AI Payments, and Prayers

Bitmine claims Ethereum will dominate tokenization, AI-driven payments, and “identity infrastructure.” Sure, Jan. They’ve also got $670 million in cash and some “moonshot” Bitcoin/private equity bets. If the market tanks, they’ll just sell NFTs of their CEO’s cat. It’s fine.

Final Summary (Because You Skipped Ahead)

  • Bitmine owns 3.62% of ETH. They’re buying more even as prices do the cha-cha-slide downward.
  • Institutional investors are hoarding ETH like it’s the last roll of toilet paper in 2020. Quietly. Aggressively. Slightly suspiciously.

Read More

2026-02-17 23:13