BitMine has moved significantly closer to its goal of holding 5% of Ethereum’s total supply after adding more ETH to its treasury last week.
The company purchased another 32,447 ETH, worth approximately $81 million, bringing its total holdings to 5,847,611 ETH. The position was valued at roughly $15 billion as of August 23.
With Ethereum’s total supply at about 120.7 million tokens, BitMine would need approximately 6.04 million ETH to reach its 5% objective. That leaves the company around 187,000 ETH away from the milestone.
The latest accumulation comes during a strong period for Ethereum. ETH has gained about 31.5% over the past seven days, outpacing Bitcoin’s roughly 24% rise during the same period.
BitMine is also generating returns from a large portion of its holdings. About 87% of its ETH, equivalent to 5,067,309 tokens, is currently staked. The company estimates that its staking position could generate approximately $330 million in annual revenue.
ETH Strength Supports BitMine’s Accumulation
The latest purchase followed Ethereum’s biggest weekly rally in more than a year. ETH has climbed roughly 31% since August 19 and was trading just below $2,500, with the token up nearly 3% on the day.
The price surge has also changed sentiment in prediction markets. Myriad traders now see a 64% chance that Ethereum reaches $3,000 before falling to $1,500. That represents a dramatic shift from less than a week earlier, when traders had assigned as much as a 74% probability to the bearish scenario.
BitMine began building its large Ethereum position last summer. The company held roughly 1% of Ethereum’s supply in August and reached 2% by September. Its holdings later passed 4.66 million ETH in March 2026 and 5.2 million in May.
Chairman Tom Lee previously said the company intended to moderate its buying pace to avoid reaching the 5% threshold too quickly. However, accumulation continued at a faster rate than expected, with the company’s holdings reaching approximately 5.79 million ETH by late July.
BitMine’s buying spree also coincides with stronger demand for Ethereum investment products. Recent inflows into Ethereum ETFs have increased, suggesting that institutional investors are becoming more interested in the asset as ETH gains momentum.
Lee pointed to several macro factors behind the improved risk appetite, including easier financial conditions, greater support for crypto from the White House and Treasury purchases of longer-dated government bonds. He characterized these developments as part of a broader market shift rather than a temporary rally.
5% Ownership Would Not Give BitMine Control of Ethereum
BitMine’s 5% target is a corporate strategy rather than an Ethereum protocol threshold. Reaching the level would not give the company additional authority over network transactions, upgrades or governance.
Instead, it would simply give BitMine an even larger concentration in an asset it already stakes heavily, with roughly 87% of its holdings currently earning staking returns.
For BMNR shareholders, the strategy comes with both upside and downside. A larger ETH position could increase staking income if Ethereum prices continue rising, but it would also leave the company more exposed to ETH price declines, custody risks, financing costs and potential regulatory changes.
BitMine has not confirmed whether it will stop purchasing Ethereum once its 5% objective is reached. The company’s future accumulation rate therefore remains an important factor to monitor in upcoming disclosures.
Ethereum’s ability to sustain its latest rally could ultimately depend on the same institutional adoption thesis behind BitMine’s strategy. If institutional capital continues shifting toward ETH ahead of broader crypto adoption, BitMine’s aggressive accumulation could become part of a larger trend rather than an isolated treasury strategy.BitMine has moved significantly closer to its goal of holding 5% of Ethereum’s total supply after adding more ETH to its treasury last week.
The company purchased another 32,447 ETH, worth approximately $81 million, bringing its total holdings to 5,847,611 ETH. The position was valued at roughly $15 billion as of August 23.
With Ethereum’s total supply at about 120.7 million tokens, BitMine would need approximately 6.04 million ETH to reach its 5% objective. That leaves the company around 187,000 ETH away from the milestone.
The latest accumulation comes during a strong period for Ethereum. ETH has gained about 31.5% over the past seven days, outpacing Bitcoin’s roughly 24% rise during the same period.
BitMine is also generating returns from a large portion of its holdings. About 87% of its ETH, equivalent to 5,067,309 tokens, is currently staked. The company estimates that its staking position could generate approximately $330 million in annual revenue.
ETH Strength Supports BitMine’s Accumulation
The latest purchase followed Ethereum’s biggest weekly rally in more than a year. ETH has climbed roughly 31% since August 19 and was trading just below $2,500, with the token up nearly 3% on the day.
The price surge has also changed sentiment in prediction markets. Myriad traders now see a 64% chance that Ethereum reaches $3,000 before falling to $1,500. That represents a dramatic shift from less than a week earlier, when traders had assigned as much as a 74% probability to the bearish scenario.
BitMine began building its large Ethereum position last summer. The company held roughly 1% of Ethereum’s supply in August and reached 2% by September. Its holdings later passed 4.66 million ETH in March 2026 and 5.2 million in May.
Chairman Tom Lee previously said the company intended to moderate its buying pace to avoid reaching the 5% threshold too quickly. However, accumulation continued at a faster rate than expected, with the company’s holdings reaching approximately 5.79 million ETH by late July.
BitMine’s buying spree also coincides with stronger demand for Ethereum investment products. Recent inflows into Ethereum ETFs have increased, suggesting that institutional investors are becoming more interested in the asset as ETH gains momentum.
Lee pointed to several macro factors behind the improved risk appetite, including easier financial conditions, greater support for crypto from the White House and Treasury purchases of longer-dated government bonds. He characterized these developments as part of a broader market shift rather than a temporary rally.
5% Ownership Would Not Give BitMine Control of Ethereum
BitMine’s 5% target is a corporate strategy rather than an Ethereum protocol threshold. Reaching the level would not give the company additional authority over network transactions, upgrades or governance.
Instead, it would simply give BitMine an even larger concentration in an asset it already stakes heavily, with roughly 87% of its holdings currently earning staking returns.
For BMNR shareholders, the strategy comes with both upside and downside. A larger ETH position could increase staking income if Ethereum prices continue rising, but it would also leave the company more exposed to ETH price declines, custody risks, financing costs and potential regulatory changes.
BitMine has not confirmed whether it will stop purchasing Ethereum once its 5% objective is reached. The company’s future accumulation rate therefore remains an important factor to monitor in upcoming disclosures.
Ethereum’s ability to sustain its latest rally could ultimately depend on the same institutional adoption thesis behind BitMine’s strategy. If institutional capital continues shifting toward ETH ahead of broader crypto adoption, BitMine’s aggressive accumulation could become part of a larger trend rather than an isolated treasury strategy.
