BitMine Buys 112,000 ETH, Nears 5% of Ethereum Supply
BitMine added 111,942 ETH (~$237M) last week, bringing holdings to 5,390,404 ETH, about 4.4% of supply and roughly 88% toward its 5% target.
BitMine Immersion Technologies added 111,942 ETH last week, roughly $237 million at recent prices. The purchase raised the company’s total holdings to 5,390,404 ETH, about 4.4% of circulating supply and roughly 88% of the way to its stated 5% target. It was BitMine’s largest ETH-denominated purchase so far this year.
The acquisition occurred as Ether traded around $2,100, valuing the company’s ETH treasury at about $11.4 billion. BitMine currently stakes more than 4.7 million ETH through its industrial staking platform, the Made in America Validator Network (MAVAN), representing about $10 billion at current prices. Based on current staking, the firm projects annualized staking revenue above $276 million.
Chairman Tom Lee has projected the firm will reach the 5% threshold sometime in 2026 and previously indicated BitMine would slow its acquisition pace to avoid hitting the target too quickly. Lee noted the firm added to its position after Ether fell below $2,200, which company executives saw as a buying opportunity.
BitMine shares rose in early trading on Tuesday to about $19.50, an increase of roughly 3–4% from the opening bell. The stock has declined about 12% over the past month and more than 38% over the last six months. The company is set to be added to the Russell 1000 index next month, an inclusion it expects may increase passive demand from index funds and ETFs.
Ether’s price slipped about 2% over the past 24 hours to near $2,078 at one point and has fallen roughly 11% over the past month. The token remains far below its August all-time high near $4,946.
In a statement, Tom Lee wrote, “We continue to expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic-AI. And thus, we continue to steadily acquire ETH, with BitMine now owning nearly 5.4 million ETH tokens.”
BitMine is a publicly traded company focused on building an Ethereum treasury and operating large-scale staking. The firm says it is pacing purchases to manage how quickly it approaches its 5% ownership objective.
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