Ethereum at the Core: BitMine Expands Its Corporate Treasury

BitMine has continued to scale up its Ethereum treasury, signaling that its aggressive accumulation strategy remains firmly intact.

Market observers report that the company added a sizable amount of ETH at the start of the week, extending a buying streak that has positioned it as the largest corporate holder of Ethereum.

Onchain data referenced by analysts suggests that approximately 29,462 ETH moved to BitMine-linked addresses via custodians BitGo and Kraken. While these specific transfers have not been formally confirmed by the company, they closely align with BitMine’s own disclosures made earlier in the week.

In an official update, BitMine confirmed that it purchased 98,852 ETH over the past week alone. That brings its total Ethereum holdings to 4,066,062 ETH. Based on the firm’s stated average purchase price of $2,991 per ether, the treasury is currently valued at roughly $12 billion at prevailing market prices.

Chasing 5% of Ethereum’s Supply

The scale of these purchases reflects a deliberate and long-term strategy rather than short-term trading activity. Led by Tom Lee, BitMine has repeatedly emphasized its ambition to accumulate 5% of Ethereum’s circulating supply, a goal it believes will position the company at the center of the next phase of financial infrastructure.

Lee reiterated that view in a statement released on Monday, describing steady progress toward what he has dubbed the “alchemy of 5%.” He framed BitMine as an important bridge between traditional financial markets and blockchain-based systems, highlighting the firm’s involvement in tokenization initiatives and its active engagement with participants across the decentralized finance ecosystem.

Despite the scale of the accumulation, the immediate market response was muted. BitMine’s shares ended Monday down 0.86% at $31.09, while Ethereum slipped about 2.5% over the past 24 hours to trade near $2,951.

Even so, the company’s direction appears unchanged. Rather than reacting to short-term price fluctuations, BitMine continues to focus on building a dominant Ethereum position, underscoring its belief that the network will play a central role in the future structure of global finance.