Blockchain
Why BitMine Is Accumulating Ether as ETFs See Outflows
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Key takeaways
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BitMine says it holds 3,864,951 ETH after adding 138,452 ETH in a week, describing its treasury as representing more than 3.2% of the ETH supply.
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The accumulation is happening alongside risk-off signals, including notable spot Ether ETF outflow days and a reported spike in net outflows to Binance.
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BitMine frames the strategy as both catalyst-driven (the Fusaka upgrade) and operational, pointing to staking via its planned MAVAN initiative in early 2026.
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Interpretations differ, with some viewing the move as conviction-style positioning and…
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