BitMine Immersion Technologies $BMNR ( ▲ 3.03% ) is still the biggest ethereum holder in the game, even if it just hit the brakes.
Last week, the company bought 32,977 ethereum $ETH worth about $105 million. That was its smallest weekly purchase since launching its ethereum treasury strategy and a sharp step down from December, when weekly buys averaged roughly 96,000 tokens.
Still the biggest whale in the room
The slowdown does little to change the big picture. BitMine now holds 4,143,502 ethereum, equal to about 3.43% of total ETH supply. That stash is more than double the combined holdings of the next ten ethereum treasury companies, including SharpLink Gaming $SBET ( ▲ 1.38% ) and Bit Digital $BTBT ( ▲ 0.91% ).
BitMine has already staked 659,219 tokens, worth roughly $2.1 billion. Chairman Tom Lee said that once the full treasury is staked, annual staking income could reach $374 million, or more than $1 million per day at current rates.
ETH price rising, activity broadening
Ethereum has started 2026 on solid footing, up about 8.8% over the past seven days. Even after the move, the asset is still roughly 35% below its all-time high near $5,000, leaving plenty of room for volatility.
Institutional momentum is also building. Grayscale announced that its ethereum staking ETF has distributed staking rewards to shareholders for the first time, calling it a landmark step for ETH-based investment products.
The takeaway
BitMine may be buying less week to week, but its dominance of ethereum treasuries remains unmatched. With staking income ramping and ETH prices firming, the strategy looks less like a sprint and more like a long-term yield play.