Bitmine (@BitMNR) added another 12,532 ether ($ETH) last week, bringing its holdings to nearly 6.03 million ETH. The purchase leaves the company close to its stated goal of owning 5% of Ether
Bitmine (@BitMNR) added another 12,532 ether ($ETH) last week, bringing its holdings to nearly 6.03 million ETH. The purchase leaves the company close to its stated goal of owning 5% of Ethereum's supply, and Chairman Tom Lee (@fundstrat) has said buying will stop once it gets there.
Bitmine Immersion Technologies announced Monday that it increased its Ethereum treasury to 6,028,946 ETH after acquiring 12,532 tokens over the past week. The company said it now holds 4.9% of Ethereum's 122.1 million token supply.
Based on that supply figure, a 5% holding amounts to approximately 6.105 million ETH , which leaves Bitmine roughly 76,000 ETH short of the mark. At $2,544 per token, that would represent approximately $194 million in further purchases, according to CoinDesk's reporting republished by KuCoin.
Lee has been explicit that the target is a ceiling. Speaking at TOKEN2049 on October 7, he described the 5% target as a hard cap, meaning the company does not intend to buy beyond that level. Stopping accumulation would not necessarily mean selling existing holdings.
The stance also marks a shift in thinking. Last year, Lee told Coinage that 10% of all outstanding Ethereum could potentially be a suitable target. He has since pointed to assets being tokenized on Ethereum as a growing source of demand for blockspace, which could reduce the need for a price-insensitive buyer like Bitmine.
A large share of the treasury is working rather than sitting idle. Of the total tokens held, 5,067,309 ETH, valued at $12.9 billion, are staked through the company's MAVAN platform and staking partners, representing 84% of its balance.
The company projected annualized staking revenues of $336 million based on a seven-day annualized yield of 2.61%, with the figure expected to reach $400 million once its ETH holdings are fully staked. These are company projections rather than income already collected, and they depend on the amount staked and the yield achieved.
The buying streak has been consistent. Lee said Bitmine has bought ETH every week since the ETH Treasury Strategy began on June 30, 2025. Bitmine reported total crypto, cash and other holdings of $16.2 billion in its latest update.
The market impact of the buying ending is an open question. The earlier announcement raised questions about Ethereum demand once Bitmine stops purchasing tokens. For now, Bitmine remains one of the largest corporate holders of ether, with the next few weeks likely to show how close it gets to its cap.
The Block: Bitmine adds 12,532 ETH as Tom Lee flags potential 'largest-ever' crypto bull market
Bitmine Immersion Technologies: ETH holdings reach 6.03 million tokens (press release)
Yahoo Finance: Tom Lee's Bitmine buys another $31 million in Ethereum
