Why BitMine Is Accumulating Ether as ETFs See Outflows
BitMine has aggressively increased its Ether holdings, purchasing 138,452 ETH in one week to reach a total of 3,864,951 ETH as of December 7, 2025—over 3.2% of all ETH. This shift to a concentrated Ether treasury strategy began in late June 2025, with a stated goal to eventually own up to 5% of ETH’s supply. BitMine also holds 193 BTC, $1 billion in cash, and a stake in Eightco Holdings, presenting itself as a public equity vehicle for indirect crypto exposure. Major investors include Peter Thiel’s Founders Fund, ARK Invest, and Bill Miller III. This accumulation contrasts with wider market caution: US spot Ether ETFs have seen substantial net outflows, including a record $1.4 billion withdrawn in November. Large ETH deposits to Binance signal potential increased sell-side pressure, and Ether fell 22% that month. Despite risk-off flows, BitMine frames its buying as a long-term, thesis-driven bet tied to catalysts such as Ethereum’s Fusaka upgrade and anticipated supportive macro conditions. The firm plans to begin staking its ETH in early 2026. Critics warn of concentration risk and sensitivity to ETH volatility, while supporters view BitMine as a proxy for ETH exposure amidst uncertain direct demand.
