Bitmine bought nearly 10,000 Ether over the past seven days, bringing its total holdings to 5.79 million ETH. The company now has roughly 85% of that sum staked through its validator operations, according to data the firm disclosed this week.
Why the buying spree now
The purchases are tied directly to ETH's recent price action. Bitmine said the decision to add more Ether was driven by Ethereum outperforming Bitcoin. The firm didn't specify exact price levels or timing, but the accumulation comes as ETH/BTC has been trending higher in recent weeks.
Staking dominance
With 85% of its Ether staked, Bitmine is one of the largest single entities in Ethereum's proof-of-stake network. The company runs its own validators and earns staking rewards on the bulk of its holdings. That setup gives Bitmine a steady yield stream on top of any price appreciation.
Bitmine's continued buying adds to the supply squeeze in the spot market. Large holders accumulating and then staking their coins effectively removes that ETH from liquid circulation. The firm now holds roughly 4.8% of all staked Ether, based on current network data.
The timing isn't great for short sellers. With a major player like Bitmine absorbing supply and locking it up in validators, any upward move in ETH could get amplified.
Bitmine hasn't signaled whether it plans to keep buying. But the pattern over the past week suggests the firm sees more upside in ETH relative to BTC — at least for now.
