Significant Achievement for Leading ETH Treasury Firm

BitMine, a prominent player in the Ethereum treasury space, has reached an impressive milestone by acquiring over 4 million Ethereum (ETH) tokens. This acquisition places the firm at approximately 3.37% of the total global supply of Ethereum, and it is actively working towards controlling 5% of the supply. However, uncertainties in the market lead to contrasting predictions about Ethereum's future price throughout 2025 and 2026.

Key Takeaways

BitMine has acquired over 4 million ETH, representing 3.37% of the total supply.
The firm aims to reach 5% of the ETH supply by purchasing aggressively.
Predictions for Ethereum's price vary significantly, with some analysts foreseeing a drop to $1,800–$2,000 by mid-2026.
A potential decrease in ETH's value could significantly impact BitMine's treasury and its stock price.

Main Content

BitMine, an Ethereum treasury giant, has recently achieved a remarkable milestone by surpassing 4 million Ethereum (ETH) tokens. As a result, the firm now holds about 3.37% of the total global supply of this leading altcoin. In the past 30 days alone, BitMine added over 500,000 ETH to its holdings, bringing it closer to its ambitious goal of controlling 5% of Ethereum's supply. The firm is executing this strategy to potentially raise Ethereum's price by reducing liquidity on exchanges.

BitMine launched its aggressive Ethereum acquisition approach in early July 2025, which initially triggered a significant spike in the ETH/BTC trading pair; however, this spike proved to be short-lived. Before its focus on Ethereum, BitMine was primarily recognized for its Bitcoin mining operations and immersion technology.

Despite the initial success, BitMine is now facing pressure due to declining prices in the Ethereum market. A well-known market analyst, who often predicts bullish trends, has suggested that Ethereum is entering a "supercycle," expressing confidence in a target price of $15,000 by the end of 2025. However, this assertion conflicts with private forecasts from Fundstrat, the analyst’s research firm, which now estimates that Ethereum may plummet to between $1,800 and $2,000 in the first half of 2026.

Fundstrat's report has advised wealthy clients to "raise cash and stablecoin balances" and wait for a market downturn to reinvest at lower prices. The report attributes this cautious outlook to four main challenges: potential US government shutdowns, uncertainties in trade policy, fatigue surrounding artificial intelligence, and unpredictability from the Federal Reserve.

Some critics are now accusing the analyst of creating "exit liquidity" for select private clients amid the market turmoil. If Fundstrat's predictions materialize, and Ethereum does drop to $1,800, BitMine's treasury could face a collapse of 40% or even more. Such a decline from roughly $3,000 to $1,800 for a portfolio of 4 million ETH could signify a potential loss of $4.8 billion in book value.

As BitMine's stock (BMNR) values itself based on its ETH holdings (net asset value), a 40% fall in Ethereum's price would likely lead to a significant drop in the stock's value as well.