BitMine Accelerates Ethereum Purchases, Nears 5% Target

BitMine, led by Tom Lee, has made another significant Ethereum purchase, this time acquiring 20,000 ETH from Kraken. The transaction is valued at approximately $48.9 million and brings BitMine's total Ethereum holdings to 5,847,611 ETH, representing about 4.8% of the circulating supply.

This purchase signals that BitMine's Ethereum accumulation strategy is accelerating, with the company having purchased Ethereum every week for 60 consecutive weeks since its first purchase on June 30, 2025. Chairman Tom Lee has stated that reaching the 5% target by year-end is achievable, but due to increasing Ethereum supply, the actual amount needed is roughly 251,000 ETH more than initially estimated.

BitMine stakes the majority of its Ethereum holdings, generating approximately $330 million in annual rewards. The company is also expanding into Ethereum operations through its in-house validator division MAVAN and has invested in various other companies, including ORBS and Beast Industries.