BitMine adds 12,535 ETH, treasury nears 5% supply target
Macro & Markets ·
The Ethereum-holding company grew its token stash to 6.04 million ETH even as total portfolio value slipped to $15.1 billion on falling ETH prices.
BitMine Immersion Technologies added 12,535 ETH to its treasury over the past week, according to CryptoPotato, lifting its total holdings to 6,041,481 ETH. That stake now equals 4.9% of ETH's circulating supply, just shy of the 5% accumulation target the company has previously stated, a threshold Decrypt reports BitMine intends to stop buying at.
Despite the added tokens, BitMine's combined crypto, cash, and equity holdings fell to $15.1 billion, a decline driven mainly by lower Ethereum prices rather than any reduction in token count, per The Block. The latest purchase, valued at roughly $30 million, continues a pattern of weekly accumulation that has pushed the company's share of total ETH supply steadily toward its stated ceiling.
Chairman Tom Lee attributed the broader crypto market weakness to macroeconomic pressures rather than factors specific to Ethereum, pointing to a selloff in AI stocks and geopolitical tensions as forces pulling investor risk appetite lower. WuBlockchain also confirmed the 6.04 million token total and the 4.9% supply figure, aligning with the other reports in framing the accumulation as nearly complete relative to BitMine's own target.
Separately, Lee has said he expects ETH to reach $25,000 within the current cycle, a forecast tied to BitMine's broader accumulation strategy rather than to this week's specific purchase. Seven distinct outlets have now covered the same set of figures — the 12,535 ETH addition, the 6.04 million token total, the 4.9% supply share, and the $15.1 billion portfolio value — indicating consistent reporting across the cluster.
What remains unclear is whether BitMine will fully halt purchases once it crosses the 5% threshold, and how the company's holdings and reported portfolio value will move if ETH prices continue to fluctuate amid the macro conditions Lee described. The pace of any further weekly additions, if they continue, will be the next signal to watch.