BitMine has moved closer to its ambitious goal of holding 5% of Ethereum’s total supply after making another large ETH purchase last week.
The company acquired 32,447 ETH worth about $81 million, lifting its total holdings to 5,847,611 ETH. Based on prices as of August 23, the stash was worth approximately $15 billion.
Ethereum’s total supply is around 120.7 million tokens, meaning BitMine would need roughly 6.04 million ETH to reach its 5% target. The company is therefore about 187,000 ETH away from achieving the milestone.
The latest purchase came as Ethereum posted strong gains. ETH has risen around 31.5% over the past week, outperforming Bitcoin, which gained nearly 24% over the same period.
BitMine is not simply holding the tokens. Approximately 87% of its Ethereum holdings, or 5,067,309 ETH, are staked. The company estimates that its staked position could produce roughly $330 million in annual revenue.
Ethereum Rally Boosts BitMine’s Buying Strategy
The latest acquisition follows Ethereum’s strongest weekly performance in more than a year. ETH has advanced roughly 31% since August 19 and was trading just below $2,500, with a daily gain approaching 3%.
The rally has also caused a major shift in prediction-market sentiment. Myriad traders now put the probability of ETH reaching $3,000 before falling to $1,500 at 64%. Just days earlier, bearish expectations had reached as high as 74%.
BitMine began its aggressive Ethereum accumulation campaign last summer. The company reached about 1% of Ethereum’s supply in August and doubled that share to 2% by September. Holdings then grew beyond 4.66 million ETH in March 2026 and 5.2 million in May.
Tom Lee, BitMine’s chairman, had previously said the company would slow its purchasing pace to prevent reaching the 5% threshold too quickly. Despite that intention, the company’s holdings had already reached roughly 5.79 million ETH by late July.
BitMine’s purchases are also taking place alongside increasing demand for Ethereum ETFs. Rising ETF inflows suggest that institutional investors are showing greater interest in ETH, matching the broader institutional rotation reflected in BitMine’s treasury strategy.
Lee has linked the stronger risk appetite to several macroeconomic developments, including easier financial conditions, increased White House support for digital assets and Treasury purchases of longer-term government bonds.
Reaching 5% Would Be a Treasury Milestone, Not Ethereum Control
BitMine’s 5% objective is a company-set target and has no special significance within Ethereum’s protocol. Owning that amount would not allow BitMine to control network transactions, protocol upgrades or Ethereum governance.
Instead, reaching the threshold would give the company an even larger financial stake in ETH, most of which is already being used to generate staking income.
For BMNR investors, the growing concentration presents both opportunities and risks. A larger Ethereum position could increase staking revenue if ETH prices continue to rise. However, it would also amplify exposure to market declines, custody issues, financing expenses and regulatory developments.
BitMine has not disclosed whether it intends to halt purchases after reaching 5% of Ethereum’s supply. Its buying pace will therefore remain an important metric to watch in future company updates.
The sustainability of Ethereum’s latest rally could depend on whether institutional demand continues to strengthen. If investors keep increasing their exposure to ETH ahead of broader adoption, BitMine’s accumulation strategy could become part of a larger institutional trend.
