#Gate13周年现场直击

Single-week massive purchase of 101,627 ETH! Bitmine's holdings near 5 million ETH: Is this the end of the winter or a liquidity harvest?‌‌‌‌‌‌

Bitmine bought 101,627 ETH in a single week, with holdings approaching 5 million ETH, aiming for 5% of the entire network. As of now, the largest corporate holder of Ethereum, Bitmine, has a total holding of 4.98M ETH, accounting for 4.12% of the global supply, just about 18% short of the ultimate 5% goal. On one side, there’s an unrealized loss of over $6 billion on paper; on the other, aggressive buying against the trend. Is this a signal that winter is ending, or the beginning of a liquidity squeeze?

101,627 ETH of aggressive buying

Bitmine bought 101,627 ETH in a single week, with holdings nearing 5 million ETH, pushing toward the 4.12% warning line.

Currently, Bitmine, the largest corporate holder of Ethereum, has accumulated 4,976,485 ETH, about 4.12% of the circulating supply worldwide. It’s only about 82% of the way to the ambitious goal of holding 5% of Ethereum’s total supply.

Since shifting to an Ethereum treasury strategy in mid-2025, Bitmine has continued to increase its position through equity financing. At the current price of approximately $2,306 per ETH, its Ethereum holdings are valued at about $1.02B. The company’s total assets (including crypto assets, cash, and equity) have risen to $11.5B, making it the second-largest crypto treasury company globally.

Why buy aggressively despite unrealized losses? We see a stark contrast: Bitmine’s average cost basis is about $3,596 per ETH, roughly 35.7% below the current price, with paper losses exceeding $6 billion. Yet, these massive unrealized losses haven’t stopped the buying spree—in fact, they highlight the most critical part to analyze.

Is this the epitaph of winter, or a guide to the harvest?

Bitmine’s purchase of 101,627 ETH in a single week became the largest transaction of 2026. Its contrarian accumulation amid losses is supported by three logical reasons.

The perpetual motion machine of cash flow: staking income

Bitmine has validated approximately 3.33 million ETH (67% of total holdings) through its self-developed MAVAN network, with a 7-day annualized yield of 2.88%, slightly above the Ethereum network’s average of 2.76%. The current annualized income is about $221 million, and after full deployment, it could reach $330 million.

We believe that for Bitmine, ETH is both an appreciating asset and an income-generating asset. It’s not a hoarder; it’s a “rent collector” within the Ethereum ecosystem.

Tom Lee’s roar: nearing the end of the mini-winter

Tom Lee, Chairman of Bitmine, stated at the Paris Blockchain Week 2026: “We see increasing signs that the mini crypto winter is ending.” He pointed out that ETH has rebounded 41% since its lows in early February, and since the outbreak of geopolitical conflicts, it has outperformed the S&P 500 by 2,280 basis points. Historical experience shows that each crypto winter has been accompanied by at least a 20% correction in US stocks, but in 2026, the US stock market has only retraced about 8%, suggesting this downturn cycle might be shorter. He predicts ETH’s long-term fair value could reach $62k (based on an estimate that Ethereum’s market cap is about one-quarter of Bitcoin’s).

Dual squeeze of supply and demand

We also notice that institutional buying is increasing in tandem. Ethereum spot ETFs recorded net inflows of $127.4 million on April 17, with BlackRock’s ETHA product continuing to lead. The ratio of ETH supply on exchanges has fallen to its lowest level since 2017. The continuous locking of assets by Bitmine combined with ETF fund inflows is creating a rare scenario of simultaneous supply and demand contraction in the spot market.

Conclusion: End of winter or liquidity harvest?

Bitmine bought 101,627 ETH in a single week, with holdings approaching 5 million ETH, targeting 5% of the network. It’s not just a transient market participant; it’s part of the market—and even becoming a part of the market itself. When a giant ship with 4.12% of supply enters, it leaves behind not just a simple price shockwave but a long-term questioning of Ethereum governance, node centralization, and decentralization fundamentals. Whether winter is ending depends on whether this giant can form a synergy with more institutional funds, rather than relying solely on its own strength to move the entire surface.

Bitmine’s weekly purchase of 101,627 ETH, with holdings nearing 5 million ETH and aiming for 5% network share, is both the ultimate institutional bet and a structural reshaping of market liquidity. We await how the market responds when that giant ship reaches the 5% mark.