Bitmine bought more Ethereum last week, extending its streak of weekly purchases that began last year. With the latest purchase, the company now holds over 6 million ETH as it approaches its goal of holding 5% of the total ETH supply.
Bitmine Adds 17,362 ETH As Holdings Climb Above 6 Million
In a press release, the Ethereum treasury firm said it bought 17,362 ETH last week, bringing its holdings to 6,001,302 ETH. The company currently holds 4.9% of the total Ethereum supply and is now 98% of the way to its goal of holding 5% of the total supply.
The latest purchase follows Bitmine’s 27,562 ETH buy, which it announced last week. Meanwhile, these purchases come as Ethereum stages a comeback, rebounding from its yearly low to as high as $2,700 last week.
Commenting on the milestone of holding over 6 million ETH, Bitmine’s Chairman Tom Lee described it as a tremendous achievement, having accumulated it in just under 15 months. “We are already seeing the synergies and positive network effects from our accumulating nearly 5% of ETH total supply,” he added.
Meanwhile, it is worth noting that the Ethereum treasury firm has staked most of its ETH holdings. Its total staked ETH stands at 5,067,309 ETH, worth nearly $14 billion. Bitmine’s Made in America VAlidator Network (MAVAN) is expected to generate up to $358 million in annualized revenue.
BMNR Stock Up Amid Latest Ethereum Purchase
The BMNR stock is up amid the announcement of the latest Ethereum purchase. The stock is currently trading at around $27 at the market open, up less than 1%, according to TradingView data.
Source: TradingViewThe stock is also up over 13% in the last month, rallying alongside the ETH price and the broader crypto market. Tom Lee noted that they expect to see more gains in crypto prices by year-end, which could be positive for the BMNR stock.
The Bitmine Chairman said that they see affirming signs that a crypto bull market is underway. He added that they believe institutions are still underweight crypto and expect them to add to their exposure in the final months of this year. “With only a little more than a week left in calendar third quarter (3Q26), the outperformance of Ethereum as a macro asset continues to strengthen,” Tom Lee said.
