Bitmine’s powerful backlog of Ethereum isn’t just another address; It is a sign that a new company strategy may be taking shape in the digital assets space. At a time when most companies are still cautiously exploring digital assets, Bitmine is moving with conviction, building one of the largest ETH positions and signaling a shift in the way companies may think about balance sheets, capital allocation, and long-term positioning.
How Ethereum has become more than just a passive treasury asset
Bitmine Immersion Technologies, Inc. has become a subsidiary of Bitmine Immersion Technologies, Inc. (BMNR) just became one of the largest holders of Ethereum in the industry. Even though the company’s value has fallen by $6 billion, they are still buying. GlydeGG co-founder, Jeremy, has open On
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Despite this, the company did not sell a single coin and instead added another 101,627 ETH in the past week alone, representing its largest weekly accumulation in 2026. According to Jeremy, Bitmine reported that Company The goal is to own 5% of the total ETH issued, and they have already reached 4.12%, which places them among the largest holders in the ecosystem. However, 73% of their holdings are betting, generating an estimated annual revenue of $264 million.
There is precedent for this type of strategy. MicroStrategy, now widely known as strategytook a similarly aggressive move with Bitcoin, converting the company’s treasury rules to a backed bet on a single digital asset. Furthermore, Bitmine appears to be applying the same logic to ETH, and the company’s value has already fallen by $6 billion and is still… buying.
What is the lowest exchange supply ratio for ETH since 2016?
Ethereum is issuing one of its strongest structural signals in years. Cryptocurrency investor known as Milk Road on X Highlight The ETH exchange supply ratio (ESR) has fallen to 0.122, the lowest level since 2016.
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Amid this decline, the Ethereum Foundation has been actively selling and recently offloaded 10,000 ETH for $23.8 million on April 24, then deducted another $48.9. million. At the same time, they were directing over-the-counter (OTC) sales, not through exchanges. ETH exchange supply has decreased. Although buyers accepted all the offers, the exchange offer ratio did not increase.
At the same time, the supply of ETH is being systematically removed from circulation, and approximately 39.2 million ETH are now withdrawn, i.e. about 31.5% of the total supply. Bet.
Milk Road noted that more than three million ETH are in queue for access over the next 52 days, indicating that supply is being booked faster than sellers can move it. It shows the decrease in stock market availability and the increased involvement in hedging A price That hasn’t caught on yet.
Featured image from iStock, chart from Tradingview.com
