BitMine buys 40,000+ ETH, now holds 3.5% of supply — analysts flag concentration risk
BeInCrypto reports NYSE-listed BitMine (BMNR), led by CEO Tom Lee, accelerated Ethereum accumulation and staking as prices fell, buying more than 40,000 ETH in the past week. According to CoinGecko data cited in the article, BitMine now holds over 4.2 million ETH — valued at more than $12.4 billion and representing over 3.5% of Ethereum’s total supply.
The company also boosted staking: Lookonchain reported BitMine staked an additional 209,504 ETH in a single day. BitMine’s total staked ETH stands at 2,218,771 ETH, worth about $6.52 billion and accounting for more than 52% of its ETH holdings. Validator Queue data shows the ETH validator entry queue has topped 3.3 million ETH, while total staked ETH has passed 36 million (roughly 30% of supply) and could approach 40 million when the entry queue is included, the article said.
Some analysts see the accumulation as supportive for price. Milk Road told BeInCrypto that large-scale institutional buying and staking creates sustained demand and can help keep ETH in an upward price channel, noting on-chain data shows spot supply declines can strengthen price support.
Others warned of risks from concentration and company-specific issues. The article notes BitMine began buying in July 2025 but ETH has fallen more than 40% from its August peak. BitMine’s disclosed average cost is $2,839 per ETH, while ETH trades near $2,900, leaving a slim margin.
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