Ethereum is no longer just the asset of developers and DeFi. It is also becoming a ground for aggressive accumulation for listed companies, with Bitmine in the lead.
In brief
- Bitmine is sharply accelerating its purchases of Ethereum.
- Its pace is now closer to that of Strategy on bitcoin.
- But this bet remains sensitive to ETH price and dilution.
Bitmine accelerates on Ethereum
Bitmine has just reached a symbolic milestone. The company now holds 5.078 million ETH, or approximately 4.21% of Ethereum's total supply. In ten months, it has already traveled 84% of the way towards its stated objective: controlling 5% of the ETH supply.
The comparison with Strategy therefore becomes difficult to avoid. During the week of April 20 to 26, 2026, Strategy purchased 3,273 BTC for $255 million. Bitmine, for its part, acquired 101,901 ETH, its highest rate since December 2025.
The message sent to the market is clear. Bitmine wants to become to Ethereum what Strategy has become to bitcoin. Not just a crypto-exposed company. But a cash machine built around a specific digital asset.
A similar strategy, but not identical
Strategy remains much larger in absolute value. As of April 26, 2026, it held 818,334 BTC, with an aggregate purchase cost of $61.81 billion. His latest purchase therefore remains one more brick in an already massive empire.
Bitmine plays another score. She doesn't just copy the Saylor model. She adapts it to Ethereum. This is an important nuance. Bitcoin is mainly presented as a rare store of value. Ethereum adds another dimension: staking, collateral, tokenization and on-chain activity.
This difference changes the reading of the market. Bitmine doesn't just store ETH in a cold vault. It has already staked more than 3.7 million, for an estimated value of $8.8 billion at a price of $2,369 per ETH. This transforms its reserve into a potentially productive asset.
Ethereum wins its institutional narrative
For a long time, Ethereum suffered from an image problem compared to bitcoin. Bitcoin had a simple narrative. Rarity, 21 million units, protection against monetary dilution. Ethereum had a more technical narrative, sometimes too scattered.
Bitmine attempts to simplify this story. For Tom Lee, president of Bitmine, ETH can become a reserve asset, used as collateral in increasingly tokenized finance. The company also links Ethereum to two strong trends: Wall Street on blockchain and the future needs of AI systems in neutral public networks.
But the story is not without blind spots. The crypto treasury model is often based on equity or debt issues. This allows more assets to be purchased. But it can also dilute existing shareholders. Strategy knows this mechanism well. His $255 million purchase of bitcoin was funded by the sale of 1.45 million shares of common stock. Bitmine is moving forward with a similar logic, even if its target asset is different.
The bet is therefore simple, but brutal. If Ethereum rises faster than dilution, Bitmine may become a highly sought-after vehicle. If ETH stagnates or declines, the same mechanism can backfire. In this model, the chest shines especially when the market continues to believe in the metal it contains.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
