Bitmine invests $17.34B in ETH, targets 5% of supply

Bitmine bought more ETH despite a $6.35B paper loss. Exchange supply hit a 2016 low.

Bitmine Immersion Technologies has a $17.34B ETH position at 100% allocation, per GlydeGG’s Jeremy on X. Source

It added 101,627 ETH last week. Largest weekly buy of 2026 so far. Source

The firm targets 5% of total ETH supply. It sits at 4.12% today. Source

73% of holdings are staked. Estimated $264M annualized revenue. Source

MicroStrategy showed the single-asset treasury playbook with Bitcoin. Source

ETH Exchange Supply Ratio fell to 0.122. Lowest since 2016. Source

The Ethereum Foundation routed sales OTC and unstaked $48.9M. Source

About 39.2M ETH are staked, or 31.5% of supply. Source

Over 3M ETH are queued to stake in the next 52 days. Source

Retail is selling into bids. Bitmine keeps buying. Source

Price hasn’t reflected the drain yet. Source