Bitmine added 27,084 ETH last week, pushing its total holdings to 5.70 million coins worth roughly $8.9 billion. The company has now reached 94% of its ambitious target: owning 5% of the entire Ethereum supply.
That’s not small potatoes. A single corporate treasurier controlling that much ETH raises real questions about network centralization.Validators, staking pools, and now corporate balance sheets — the ownership picture keeps concentrating.
Despite what the company described as a “challenging” weekly price slide, Buying continued. the accumulation strategy hasn’t paused. the company’s confidence in Ethereum’s long-term value proposition appears unshaken by short-term volatility.
As part of this growth, Bitmine was added to the Russell 1000 index — a milestone that could bring additional institutional investment through index fund rebalancing. It’s another sign that corporate Ethereum treasuries are becoming normalized in traditional finance.
Whether that’s good for Ethereum’s decentralization narrative is a different conversation entirely.
