BitMine buys 53,501 ETH, closing in on 5% supply target

BitMine added 53,501 ETH last week, extending a 65-week buying streak that lifted its holdings to 4.9 percent of total ether supply.

"Bitmine is 98 percent of the way to the 'Alchemy of 5%' goal of owning 5 percent of the ether supply," Chairman Thomas "Tom" Lee said in a statement.

The Norwalk, Connecticut-based company now holds 5,901,112 ETH valued at $2,511 each, part of $15.6 billion in combined crypto, cash and marketable securities and "moonshot" investments. It has 5,067,309 ETH staked, worth $12.7 billion, generating projected annualized staking rewards of about $396 million at scale, Lee said.

BitMine is 133,888 ETH short of its 5 percent target, a goal it has pursued since launching its ETH Treasury Strategy on June 30, 2025. Lee said ETH is the best-performing macro asset in the third quarter, outperforming the S&P 500 by 5,430 basis points, and expects institutions to add to crypto holdings in the final months of 2026.

The company was added to the Russell 1000 large-cap index on June 26 and trades on the New York Stock Exchange under BMNR. Its 9.50 percent Series A Perpetual Preferred Stock trades under BMNP. BitMine's stock has averaged $1.36 billion in daily dollar volume over five days, ranking 62nd among 5,704 US-listed stocks, according to Fundstrat data.

Beyond ether, BitMine holds 211 bitcoin, an $81 million stake in Eightco Holdings (NASDAQ: ORBS) and a $180 million stake in Beast Industries. Its backers include ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG and Galaxy Digital. The holdings rank as the largest ether treasury in the world and the second-largest global treasury behind Strategy Inc. (NASDAQ: MSTR), which owns 840,447 bitcoin valued at about $66 billion.

The accumulation comes as ETH outperforms other macro assets. Lee cited the upcoming CLARITY Act vote in mid-September, renewed buying by Korean investors rotating away from AI stocks and a bottoming four-year cycle as drivers for institutional participation in the final months of 2026, alongside the tailwinds of tokenization and agentic-AI.

Sustained accumulation of this scale reduces available exchange supply and signals long-term confidence in Ethereum. As BitMine approaches its 5 percent target, continued weekly buying could support ETH price and draw additional institutional interest into the market.

This article is for informational purposes only and does not constitute investment advice.