Bitmine Stacks More Ether as Holdings Rise to 3.63 Million ETH

Ethereum has announced that its flagship developer conference, Devcon 8, will be held in Mumbai during the fourth quarter of 2026, as confirmed by the Ethereum Foundation and various reports.

Ethereum co-founder Vitalik Buterin has raised concerns regarding X's new feature that displays the country of an account's origin, warning that it could lead to privacy violations and be easily spoofed. This feature is part of X's expanded transparency measures, which aim to provide users with more information about accounts.

Ethereum's price is currently facing significant downward pressure, with bearish candles indicating a potential for further correction towards key lower support levels. This trend follows a recent decline below the $2,700 mark, raising concerns about the cryptocurrency's stability and market position.

BitMine has acquired an additional 21,537 Ethereum tokens for approximately $60 million, increasing its holdings to over 3% of the total Ethereum supply despite facing around $4 billion in unrealized losses. This purchase comes amid a recovering market for Ethereum, which had previously seen a significant decline of over 25% in value within a month.

This week, Ethereum's landscape was shaken as Vitalik Buterin's RISC-V proposal faced rejection from Arbitrum developers, while Tom Lee reported a significant $3.5 million loss on his investments. Additionally, a mysterious buyer made headlines with a $1 billion bid, creating a tumultuous environment for traders.

BitMine has significantly expanded its Ethereum holdings by purchasing 21,537 ether tokens, despite facing a challenging market characterized by declining stock prices and substantial unrealized losses. This acquisition reflects the company's ongoing strategy to accumulate Ethereum amid adverse market conditions, as reported by analytics platform Lookonchain.

Bitwise Chief Investment Officer Matt Hougan has indicated that the rising value capture of crypto tokens, particularly with Ethereum's upcoming Fusako upgrade, may contribute to a market rebound in 2026. This upgrade is expected to enhance the economic value proposition for Ethereum holders, potentially increasing returns significantly.

Bitwise Chief Investment Officer Matt Hougan has indicated that the rising value capture of crypto tokens, particularly with Ethereum's upcoming Fusako upgrade, may contribute to a market rebound in 2026. This upgrade is expected to enhance the economic value of Ethereum, aligning its protocol development with broader economic objectives.