Bitmine Ramps Up Ether Purchases, Nearing 5% of Total Supply

Bitmine Immersion Technologies purchased 53,501 ether last week, worth approximately $131.3 million, marking its biggest weekly acquisition since June. The move follows the previous week’s purchase of 32,447 ETH, continuing a renewed pace of accumulation after a slower stretch over the summer.

Holdings Approach Company’s 5% Ownership Goal

The latest purchase brings Bitmine’s total ether holdings to 5,901,112 ETH, valued at roughly $14.5 billion. The company now owns close to 4.9% of Ethereum’s total supply, putting it about 134,000 tokens away from its long-stated goal of holding 5% of all ether in circulation.

Chairman Points to Strong Crypto Performance

Company Chairman Tom Lee said the renewed buying reflects growing confidence following a strong third quarter for digital assets. He noted that ether has risen 55% in August, while bitcoin gained 34%, both significantly outperforming major U.S. stock indexes. Lee suggested this performance gap could encourage more institutional investors to increase their crypto exposure.

Additional Catalysts on the Horizon

Lee also pointed to a potential U.S. market-structure bill vote expected in September and renewed demand from Korean investors as possible drivers of further growth. He added that long-term trends such as asset tokenization and blockchain use by AI systems could continue to support Ethereum’s value over time.

Bitmine has now purchased ether for 65 consecutive weeks since launching its Ethereum focused treasury strategy in mid-2025. The company has staked roughly 86% of its holdings, projecting annualized staking revenue of about $335 million at current yield levels.