Why BitMine is accumulating Ether despite broader market fear

BitMine is building an Ether-heavy treasury as ETF flows wobble and exchange deposits rise, betting on Fusaka and staking to drive a longer-term thesis.

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.

The accumulation is happening alongside risk-off signals, including notable spot Ether ETF outflow days and a reported spike in net outflows to Binance.

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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