Bitmine’s Bold ETH Gamble: Massive Weekly Buy Amid Price Turmoil

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(SeaPRwire) –   By: James Vance
Bitmine made a big play last week. They bought 126,971 ETH—their largest weekly purchase in 2026. That’s worth ~$214 million at current prices. ETH was falling, but Bitmine’s chief thinks the drop doesn’t reflect stronger Ethereum basics.
Bitmine now has 5.54 million ETH, 4.59% of Ethereum’s supply. Over 4.71 million ETH is staked, with projected annual revenue of $230 million. But ETH is down 65% from August, so Bitmine has big paper losses.
Bitmine plans preferred equity, like Strategy. But Strategy’s preferred class tanked. BMNR trading is heavy. Bitmine nears its 5% supply goal. Author bio: James Vance, Senior Columnist at top tech weekly, focuses on crypto market dynamics.