Bitmine Nears 5% Ethereum Supply Goal with Massive Purchase

Bitmine Technologies now holds 5.7 million ETH, worth $8.9 billion, representing 4.7% of Ethereum's total supply after its latest acquisition.

The company has bolstered its position with a fresh acquisition of 27,084 ETH, valued at approximately $43 million. This purchase brings its total holdings to 5.7 million ETH, or roughly 4.7% of the total Ethereum supply. With total crypto assets, cash, and investments reaching $9.8 billion, Bitmine is now closing in on its stated objective of controlling 5% of all ETH in circulation.

Closing in on the Target

Latest data shows Bitmine holds exactly 5,700,040 ETH. With the token priced at approximately $1,569, the total value of this position sits at nearly $8.9 billion. Notably, nearly 4.88 million ETH of that total is already staked, allowing the firm to generate consistent additional yield.

Management noted that the company has now completed about 94% of its plan to acquire 5% of all circulating tokens. This aggressive accumulation strategy establishes Bitmine as one of the world’s largest corporate ETH holders.

Beyond its Ethereum focus, the company maintains a portfolio that includes 206 BTC and various investments in high-risk technology ventures.

New Investors Following Russell 1000 Inclusion

Bitmine received a significant boost on June 26 when it was officially included in the Russell 1000 index. This milestone increases the likelihood of the stock being acquired by index funds and other institutional players.

Chairman Tom Lee expects this inclusion to drastically expand the shareholder base. He suggested that hundreds, if not thousands, of institutional investors will gain exposure to Bitmine through passive investment strategies.

The company’s current investor roster already features heavyweights such as Cathy Wood’s ARK Invest, Founders Fund, Pantera Capital, Galaxy Digital, Kraken, and Digital Currency Group.

Betting on Ethereum and Tokenization

The firm continues to bet that ETH will serve as the primary infrastructure for future financial services. According to Tom Lee, the modernization of traditional financial markets through blockchain and the rise of AI systems utilizing crypto payments will remain the sector’s core drivers.

In addition to its digital assets, Bitmine holds approximately $555 million in cash and liquid securities. The company also maintains stakes in Beast Industries and Eightco, the latter of which provides investors with indirect exposure to OpenAI.

Earlier this month, Bitmine raised nearly $274 million through a preferred stock offering. These new shares are already trading on the New York Stock Exchange under the ticker BMNP, with dividends scheduled for weekly distribution.

This aggressive strategy highlights a growing trend where public companies build corporate balance sheets around crypto assets. While Bitcoin has historically been the preferred reserve asset, Bitmine is pioneering a similar model centered on Ethereum, positioning itself as a major influence on institutional ETH demand in the coming years.