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.
