BitMine Moves Closer to Its 5% Ethereum Goal With 187,000 ETH Left to Acquire

In the latest Ethereum market update, BitMine is now only about 187,000 ETH short of its goal to control 5% of Ethereum’s total supply, after another sizable purchase last week significantly narrowed the gap.

The company added 32,447 ETH last week in a transaction worth approximately $81 million. That brought its total holdings to 5,847,611 ETH, valued at roughly $15 billion as of August 23.

BitMine needs about 187,000 more ETH to reach its self-imposed 5% target. At Ethereum’s current supply of roughly 120.7 million tokens, the threshold represents approximately 6.04 million ETH.

The accumulation comes as ETH has strongly outperformed Bitcoin. Ethereum gained about 31.5% over the past seven days, compared with Bitcoin’s roughly 24% increase.

BitMine is also putting much of its ETH to work. Around 87% of its holdings, or 5,067,309 ETH, are currently staked, with the company estimating that staking could generate about $330 million in annual revenue.

Ethereum Rally Strengthens BitMine’s Accumulation Strategy

BitMine’s latest purchase arrives after Ethereum recorded its strongest weekly advance in more than a year, climbing around 31% since August 19. ETH was trading just below $2,500, up nearly 3% on the day.

The rally has also shifted sentiment in prediction markets. Myriad traders now assign a 64% probability to ETH reaching $3,000 before falling to $1,500. That marks a sharp turnaround from less than a week earlier, when bearish odds had reached as high as 74%.

BitMine began aggressively building its Ethereum position last summer. The company reached approximately 1% of Ethereum’s supply in August and increased that figure to 2% by September. Its holdings surpassed 4.66 million ETH in March 2026 and 5.2 million in May, reflecting a steady, though sometimes uneven, accumulation strategy.

Chairman Tom Lee had previously indicated that the company would slow its purchases to avoid reaching the 5% threshold too quickly.

That slowdown proved temporary. By late July, BitMine’s Ethereum holdings had already grown to approximately 5.79 million ETH.

The company’s accumulation also comes as institutional interest in Ethereum appears to be strengthening. Recent Ethereum ETF inflows have increased, pointing to the same broader shift toward ETH that BitMine’s purchases represent.

Tom Lee highlighted those broader market conditions in a statement Monday. He cited improving financial conditions, support for crypto from the White House and Treasury purchases of longer-term government bonds as factors encouraging greater risk appetite.

His comments frame Ethereum’s latest rally as part of a broader structural shift rather than simply a short-lived price spike.

What Reaching 5% Would Mean for BitMine

Reaching 5% of Ethereum’s supply would be a milestone set by BitMine itself rather than a threshold built into the Ethereum network.

Crossing that level would not give the company control over Ethereum’s transactions, protocol upgrades or governance. Instead, it would leave BitMine with an even larger and more concentrated position in an asset where it already stakes approximately 87% of its holdings.

For BMNR shareholders, that concentration creates both potential benefits and risks. A larger ETH position could generate greater staking income if Ethereum continues to appreciate, but it would also increase exposure to declines in ETH’s price, custody problems, financing expenses and regulatory changes.

BitMine has not indicated whether it would stop accumulating ETH after reaching the 5% target. That leaves its future buying pace as one of the key factors to watch in upcoming company disclosures.

The durability of Ethereum’s current rally could ultimately depend on the same thesis supporting BitMine’s aggressive accumulation: growing institutional demand and expectations that Ethereum will play a larger role as crypto adoption expands.

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