Bitmine Nears 5% Ethereum Supply Target With Latest 27,562 ETH Purchase
Bitmine adds 27,562 ETH as holdings approach 6 million tokens
Bitmine Immersion Technologies purchased 27,562 ether (ETH) in the past week, bringing its total holdings to 5,983,940 ETH — worth roughly $16.3 billion at current prices. The company now holds more than 4.9% of Ethereum's circulating supply of approximately 122.1 million ETH and is 98% of the way toward its "Alchemy of 5%" supply target, set within 15 months of launching its Ethereum treasury strategy.
The latest acquisition was disclosed Monday through a report distributed by PR Newswire. Bitmine did not reveal the average purchase price, but at current market rates, the 27,562 ETH is worth around $75 million.
Key numbers
- Total ETH holdings: 5,983,940 ETH (~$16.3 billion)
- Latest purchase: 27,562 ETH (~$75 million)
- Total crypto, cash, and other investments: $17.1 billion
- Staked ETH: 5,067,309 ETH (~$13.8 billion)
- Share of Ethereum supply held: over 4.9%
- Progress toward 5% target: 98%
Tom Lee sees a crypto bull market underway
Bitmine Chairman Tom Lee said in a statement that the company believes a crypto bull market has been underway since late June. He pointed to several factors: a rotation from AI stocks back to crypto, strengthening fundamentals around tokenization and AI, and the conclusion of the four-year crypto cycle.
Lee noted that quarter-to-date, ETH has outperformed other macro assets by 6,519 basis points. He described this as a prelude to a potentially stronger upward move in the fourth quarter of 2026.
He also said that institutions have underweighted crypto in 2026, partly because AI stocks outperformed earlier in the year. Lee expects institutions to substantially increase their crypto exposure in the final three months of 2026, which could add to gains seen since June 30.
Bitmine's full holdings and staking position
Beyond ETH, Bitmine holds 212 BTC worth about $18.1 million, a $105 million stake in Eightco Holdings, and a $180 million stake in Beast Industries. The company also holds $714 million in total cash and marketable securities.
Bitmine has staked 5,067,309 ETH, which it says is more than any other entity in the world. At full staking scale through its MAVAN platform and staking partners, projected annualized ETH staking rewards would reach $421 million. Current annualized staking revenue projections stand at $357 million. Bitmine's own staking operations posted a seven-day yield of 2.62% annualized.
Bitmine leads the Ethereum treasury race
Bitmine remains the largest Ethereum treasury holder among public companies, according to Strategic Eth Reserve data. Joe Lubin's Sharplink holds approximately 888,938 ETH, and The Ether Machine holds roughly 496,712 ETH.
Overall, Bitmine is the second-largest public crypto treasury company behind Michael Saylor's Strategy, which holds 846,000 BTC worth about $71.9 billion — representing over 4% of bitcoin's 21 million supply cap.
Why this matters
Bitmine's growing ETH position and Lee's bullish outlook reflect a broader trend of large institutional players building significant crypto treasuries. If institutions do increase their crypto exposure as Lee expects, it could influence both ether prices and the wider digital asset market in the coming months.
What is still unclear
The average price Bitmine paid for its latest ETH purchase was not disclosed. Additionally, Lee's forecast about institutional crypto adoption in Q4 2026 remains a company view rather than a confirmed trend.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.