Bitmine purchases $81M more Ethereum as it works toward accumulating 5% of ETH supply.
Macro & Markets ·
Bitmine purchased 32,447 ETH worth approximately $81 million last week, advancing its accumulation strategy toward a 5% ownership stake in Ethereum's supply. The company currently holds roughly 5.85 million ETH, representing about 4.8% of supply, leaving it approximately 187,000 ETH short of its stated target of 6.04 million tokens.
The purchase occurred amid significant price appreciation for Ethereum, which gained 31.5% over seven days—outpacing Bitcoin's 24% weekly gain. Ethereum's rally to just under $2,500 represents its largest weekly move in over a year, according to Bitmine's chairman. The buying activity reflects broader market sentiment shifts, with prediction market odds now favoring Ethereum reaching $3,000 before declining to $1,500, a reversal from bearish positioning just days prior.
Bitmine has staked 87% of its holdings, generating projected annual staking revenue of $330 million. The firm's accumulation began last summer and accelerated through 2025 and into 2026, though at an uneven pace. Reaching the 5% threshold would not grant the company control over Ethereum's transactions, upgrades, or governance, and the company has not disclosed whether it will continue purchasing beyond its stated target.