The World's Biggest Ethereum Treasury Company Will Stop Buying ETH Soon. That's Why I'm Bearish on Ethereum Right Now.
Since June 2025, Bitmine Immersion Technologies (NYSE: BMNR) has transformed itself from a tiny Bitcoin (CRYPTO: BTC) mining operation into the world's foremost Ethereum (CRYPTO: ETH) treasury company. Bitmine now owns $15.5 billion worth of Ethereum, or roughly 4.9% of all ETH in circulation. That's the problem. Bitmine has told investors that it will stop buying Ethereum as soon as it reaches the 5% threshold. If you're an Ethereum investor, that's a real problem. Bitmine's new strategy means that the most persistent buyer of Ethereum over the past 12 months will no longer be making spot crypto purchases. Since June 2025, when Bitmine embarked on its Ethereum buying binge, it has made purchases, week in and week out, just like clockwork. That's how Bitmine became the biggest Ethereum treasury company on the planet. Continue reading