Ethereum's largest corporate whale strikes again: BitMine invests $105 million to buy the dip in ETH, holding $915 million in cash on standby

As one of the largest known corporate holders of Ethereum, BitMine Immersion Technologies has once again increased its ETH holdings at the beginning of 2026, drawing significant market attention. Although some analysts expect Ethereum’s price to remain under pressure in the short term, BitMine’s latest move demonstrates a strong confidence in the medium to long-term value of ETH.

According to blockchain data platform Arkham, in its first public transaction of the new year, BitMine spent approximately $105 million to purchase Ethereum. This also signals the company’s renewed plan to increase ETH holdings in 2026. Data shows that BitMine currently holds about 4.07 million ETH, with a market value of approximately $12.6 billion at current prices, accounting for 3.36% of the total ETH supply, making it a leading enterprise-level ETH holder.

In addition to its substantial ETH reserves, BitMine’s financial strength is equally impressive. The company recently disclosed that it still holds around $915 million in cash, which the market interprets as important “ammunition” for future ETH accumulation. According to StrategicEthReserve, BitMine’s long-term goal is to increase its ETH holdings to 5% of the total network supply.

On-chain data also shows that BitMine has recently accelerated its ETH staking activities. Tracking by Lookonchain indicates that the company has staked over $2.87 billion worth of ETH, with approximately 128,000 tokens added in just the past few days. This suggests that BitMine is not only betting on price appreciation but is also actively participating in the long-term yield structure of the Ethereum network.

Tom Lee, Chairman of BitMine and Co-Founder and Managing Partner of Fundstrat Global Advisors, stated that this $105 million investment is not a short-term gamble. In an internal report, he pointed out that although Ethereum’s price may experience a significant correction in the first half of 2026, even testing around $1,800, this would present a “highly attractive long-term allocation opportunity.”

From a broader market perspective, the behavior of institutions and whales is gradually converging. Data from Nansen shows that over the past week, whales increased their ETH holdings by approximately $11.2 million across 38 wallets, while new wallets bought a total of up to $1.16 billion. Many analysts believe that after the 2025 market “stress test,” institutional capital is accelerating its return to core blockchain assets, with Ethereum remaining one of the most important allocation targets.