Bitmine Closes in on 5% ETH Target Amid Stronger Fundamentals

Bitmine, a company known for its aggressive bets on Ethereum, is getting closer to its goal of owning 5% of the entire ETH supply. According to an on-chain analyst, Ai Yi, new wallets have accumulated large amounts of ETH in recent days. One wallet bought 20,000 ETH worth around $48.89 million in just 50 minutes, while another purchased 10,000 ETH valued at roughly $24.72 million.

These transactions match the usual pattern of Bitmine using new addresses and buying through exchanges like Kraken, Coinbase, and FalconX. The company has been steadily accumulating ETH since March 2026, when it held around 4.66 million ETH. Its total holdings now stand at nearly 5.85 million ETH, worth approximately $15 billion.

Bitmine's goal is to own around 6.04 million ETH, representing 5% of the total supply. With its current holdings, the company is only about 187,000 ETH away from reaching this target. Around 87% of Bitmine's holdings are staked, with the company expecting annual staking revenue of about $330 million.

Analysts point to stronger Ethereum fundamentals as a reason for the recent price surge. Since calling the July bottom, ETH has gained around 64.20%, outperforming Bitcoin's roughly 40.70% rise. Other indicators show a 59% increase in ETF holdings, a 26% fall in CEX reserves, and a 15% more ETH staked.