Bitmine Immersion Technologies disclosed on April 27 that it added 101,901 ETH to its balance sheet last week, lifting total holdings to about 5.08 million ETH. At ETH's price of $2,315.87 as of April 27, 2026, the stack is worth roughly $11.77 billion. Cointelegraph reports a slightly lower running total of 4.98M ETH, putting Bitmine's share of circulating supply near 4.12%. The two figures bracket the same point: a single public miner now controls a ratio of ether normally associated with sovereign-scale treasuries.
The accumulation was first flagged by WuBlockchain and confirmed in a Cointelegraph thread minutes later. Both posts cite Bitmine's own disclosure as the primary source.
A Weekly Buy Bigger Than Most Funds Hold
101,901 ETH is not a one-off raid on the order book. At the day's price, last week's addition cost Bitmine in the neighborhood of $236 million. The miner has been buying at this cadence for months, a pattern we covered when Bitmine had staked 70% of a 3.5M ETH treasury worth $8B. Six weeks later, the stack is up by roughly 1.5M ETH.
For context, that single weekly tranche is bigger than the active ETH balances reported by most US-listed altcoin treasury vehicles, and it lands in a market where ether is barely moving. ETH is at $2,315.87, down 0.7% on the day and only 0.17% on the week. The CoinMarketCap Fear & Greed reading sits at 44, neutral. Demand of this size is being absorbed without a price reaction, which is itself a signal about how thin the marginal seller pool currently is.
Strategy Side By Side
The disclosure landed in the same hour as Strategy's latest bitcoin update, which logged a 3,273 BTC purchase for about $255 million at $77,906 per coin, taking that company's total to 818,334 BTC. The two posts effectively split the trading day's institutional accumulation news between bitcoin and ether.
Strategy's BTC stack at current prices is worth roughly $63.6 billion. Bitmine's 5.08M ETH stack is worth $11.77B. Different scales, but the structure is the same: a single public company using its balance sheet as a programmatic buyer of one asset on a weekly schedule.
What 4% of Supply Actually Means
Ether's circulating supply is a moving target because of issuance, burns, and staking lockups, but the rough figure of about 121M ETH in circulation makes 5.08M roughly 4.2%. Cointelegraph's 4.12% number lines up with the lower 4.98M total. Either way, the concentration question is now uncomfortable for an ecosystem that has historically marketed itself as more decentralized than bitcoin.
If Bitmine continues at a 100K-per-week pace, it would clear 5% of supply within six to eight weeks. That trajectory will draw attention from validator economics commentators, since the company also stakes the bulk of its position. A single staker controlling north of 5% of ether starts to matter for finality assumptions in ways that were theoretical two years ago.
The Spot Demand Question
The accumulation also lands in a week where CryptoQuant flagged that the broader crypto rally is futures-driven and spot demand is negative. Bitmine's buys are real spot demand, off-exchange or on, and the fact that price did not move on the disclosure suggests other holders are quietly selling into the bid. Whether that bid persists if ETH breaks lower is the open question. Treasury vehicles tend to buy through volatility, but their cadence is not infinite, and quarterly capital raises rather than weekly drips have funded most of the stack so far.
For now, Bitmine is closing the gap on the largest non-exchange ether holders by a meaningful margin every week, and is doing it without obviously moving the market.
Overview
Bitmine Immersion Technologies bought another 101,901 ETH last week, bringing its treasury to about 5.08M ETH or roughly 4% of circulating supply. At $2,315.87 per ETH on April 27, 2026, the stack is worth $11.77B. The disclosure landed alongside Strategy's latest 3,273 BTC purchase, putting two of the largest single-asset corporate treasuries in the market on the same daily news cycle.
