Ethereum is down 14% over 7 days. Most investors are running for the exit. Bitmine just made their largest weekly ETH purchase of the entire year.
Bitmine announced on June 8, 2026 that its ETH holdings have reached 5,543,872 ETH — equal to 4.59% of Ethereum's total supply of 120.7 million. The company acquired 126,971 ETH over the past week alone — its largest weekly accumulation of 2026. CryptoTicker
Tom Lee, Bitmine's Chairman, made their thesis crystal clear:
"We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we are in the early stages of crypto spring. Bitmine is expected to reach the 'alchemy of 5%' sometime in 2026." BingX
The full picture of Bitmine's holdings as of June 7:
💎 5,543,872 ETH valued at $1,630 per ETH. 4,718,677 ETH already staked on MAVAN — their institutional-grade staking platform — generating $7.7 billion in staked value. Total crypto, cash, and "moonshot" investments: $9.6 billion. CryptoTicker
The contrast right now is stark:
→ Ethereum price: $1,630 — down 67% from its ATH of $4,953
→ Ethereum TVL: near record highs
→ Stablecoin dominance on ETH: 54% of all global stablecoins
→ ETF outflows: ongoing
→ Bitmine buying: accelerating
The purchase represents Bitmine's largest weekly ETH acquisition in 2026 — made at a time when most institutional players were reducing exposure. Bitmine now holds 4.59% of supply, bringing them one step closer to their original goal of 5%. CoinMarketCap
Bitmine is either the most convicted institution in crypto — or the most reckless.
History will decide. But one thing is clear: they are not scared.
What's your ETH price target by year-end? 👇