Hassan Maishera
TL;DR
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Bitmine purchased 53,501 ETH worth approximately $131.3 million, accelerating its accumulation for a second consecutive week.
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The company now holds 5.9 million ETH valued at roughly $14.5 billion.
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Its holdings represent about 4.9% of Ethereum’s circulating supply, leaving it approximately 134,000 ETH short of its 5% target.
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Bitmine has staked about 5.07 million ETH and expects approximately $335 million in annual staking revenue.
Bitmine Immersion Technologies increased the pace of its Ethereum acquisitions for a second consecutive week, purchasing another 53,501 ETH.
The acquisition was worth approximately $131.3 million based on Ether’s Monday price of $2,455. It followed Bitmine’s purchase of 32,447 ETH during the previous week.
Bitmine now holds 5,901,112 ETH, with the position valued at approximately $14.5 billion at current market prices.
Bitmine Moves Closer to 5% Ethereum Supply Target
The latest purchase brings Bitmine closer to its self-imposed goal of controlling 5% of Ethereum’s total supply.
Ethereum currently has a supply of approximately 120.7 million tokens, placing the 5% threshold at around 6.04 million ETH. Bitmine’s existing holdings represent about 4.9% of that supply, leaving the company approximately 134,000 ETH short of its target.
The renewed accumulation marks a shift from earlier in the summer, when Bitmine reduced the pace of its purchases as it approached the 5% milestone.
Its weekly acquisitions dropped below 10,000 ETH on several occasions in July and August. The company has since accelerated buying, acquiring a combined 85,948 ETH over the past two weeks.
Bitmine Chairman Tom Lee linked the renewed purchases to the crypto market’s strong third-quarter performance.
Ether gained approximately 55% during August, while Bitcoin advanced 34%. Both assets comfortably outperformed major U.S. stock market indexes over the period.
Lee said crypto’s substantial outperformance against other macro assets could encourage institutional investors to increase their digital-asset exposure.
“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” Lee said.
Regulation and Korean Demand Could Drive Further Growth
Lee identified a potential vote on U.S. crypto market-structure legislation in September as another possible catalyst for the remainder of the year.
He also pointed to renewed demand from South Korean investors, who have historically played a significant role in crypto trading activity.
Over the longer term, Lee expects Ethereum to benefit from increased asset tokenization and the growing use of blockchain networks by artificial intelligence agents.
These trends could increase demand for Ethereum’s settlement infrastructure and smart-contract capabilities.
Bitmine has now acquired ETH for 65 consecutive weeks since launching its Ethereum treasury strategy in June 2025.
The company has also put most of its holdings to work through Ethereum staking. Bitmine has staked approximately 5.07 million ETH, equivalent to about 86% of its total position.
At current staking yields, the company expects to generate approximately $335 million in annualized revenue.
The combination of token accumulation and staking income has positioned Bitmine as one of the largest corporate holders of Ethereum and a major participant in the network’s proof-of-stake system.
