Bitmine adds 27,562 ETH, closing in on 5% supply target
Macro & Markets ·
The Ethereum treasury company's latest weekly purchase pushes its holdings to nearly 6 million ETH, just short of its self-set accumulation goal.
Bitmine (BMNR), described as the largest Ethereum treasury company, acquired 27,562 ETH over the past week, according to wublockchain.xyz. As of September 20, the company held 5,983,940 ETH, equal to 4.9% of total ETH supply and roughly 98% of the way to its stated target of 5%.
Of that stockpile, 5,067,309 ETH is staked, valued at approximately $13.6 billion using a price of $2,688 per ETH. Staking the bulk of its holdings allows Bitmine to generate yield on the position while it continues accumulating toward its supply threshold. Combined with cash, marketable securities and other investments, the company's total holdings come to approximately $17.1 billion, which includes $714 million held in cash and marketable securities.
The purchase was also framed alongside broader market commentary: theblock.co reported that the accumulation came as analyst Tom Lee signaled the start of a crypto bull market, tying Bitmine's approach toward the 5% supply mark to a wider narrative of renewed market strength.
The scale of the holding underscores how concentrated a single corporate treasury has become within Ethereum's circulating supply, with the company now controlling nearly one out of every twenty ETH in existence. Two sources have corroborated the size of the weekly purchase and the resulting supply percentage.
Not yet clear is what happens once Bitmine crosses its 5% target, whether it will continue buying beyond that threshold, and how the market will interpret Lee's bull-market call in the days ahead. The pace of future purchases and any change in staking allocation remain to be seen.