Bitmine Immersion Technologies has purchased another 32,447 Ethereum, valued at approximately $81 million, moving closer to its stated goal of owning 5% of Ethereum's supply. The announcement was made on Monday.
With Ethereum's supply sitting at approximately 120.7 million tokens, the 5% threshold amounts to about 6.04 million ETH. Following the latest acquisition, Bitmine reported holding 5,847,611 ETH, valued at roughly $15 billion as of August 23, leaving the company about 187,000 ETH short of its target. The firm has staked 5,067,309 ETH, representing 87% of its holdings, and projects $330 million in annual staking revenue.
Bitmine's latest purchase coincides with a broader market rally for Ethereum, which climbed more than 30% over a seven-day period. ETH outperformed Bitcoin over the same timeframe, with Bitcoin recording gains of nearly 24%. Trading at just under $2,500, ETH recorded its largest weekly gain since May 2025.
Bitmine Chairman Tom Lee attributed the improved investor appetite for risk to easing financial conditions, White House support for crypto, and Treasury purchases of long-term bonds. Lee noted that historical weekly gains exceeding 30% in July 2021 and May 2025 previously signaled launch points for larger upward moves in ETH.
Bitmine began accumulating Ethereum last summer, reaching 1% of the supply in August and 2% in September, before surpassing 4.66 million ETH in March 2026 and 5.2 million in May. The company has not indicated whether it will stop purchasing ETH once it reaches the 5% target.
