Bitmine Ramps Accumulation Toward 5 Million ETH as Whales Join In

Three fresh wallets reportedly tied to Bitmine Immersion Technologies (BMNR) received 100,000 Ethereum (ETH) worth $233.7 million from custodian BitGo on Thursday. 

The transfer extends the firm’s aggressive drive to aquire 5% of ETH’s circulating supply. Moreover, it lands days after Bitmine’s largest weekly ETH purchase of 2026.

Bitmine Adds 100,000 More Coins Days After Largest 2026 Buy

Bitmine announced on April 20 that it had acquired 101,627 ETH the prior week. The purchase is worth roughly $239 million at current prices.

The transaction lifted total holdings to 4.976 million ETH, equivalent to 4.12% of the circulating supply. Thursday’s supposed 100,000 ETH inflow would carry holdings to over 5 million tokens, clearing the mark for the first time.

That puts Bitmine 83% of the way to its goal of 5% of ETH’s supply. About 3.33 million coins are already staked, producing roughly $221 million in annualized revenue.

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Whales Join the Ethereum Accumulation Wave

Bitmine is not accumulating alone. Blockchain tracker Lookonchain flagged a fresh wallet on April 21. The wallet pulled 35,000 ETH worth $80.7 million from Binance before routing the tokens to BitGo.

A separate address, 0xf860, withdrew 18,000 ETH worth $43.22 million from Binance and sent the funds to the same custodian.

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Meanwhile, whale 0x65B4 bought 7,448 tokens at $2,350 after selling 10,829 Ethereum at $2,300 three days ago. The move signals strong conviction in the second-largest cryptocurrency despite its ongoing short-term setbacks. 

Ethereum briefly pushed above $2,400 yesterday but has since surrendered those gains. At press time, it was trading at $2,355.65, down 1.52% on the day.

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