Bitmine Closes In on 5% ETH Target Amid Stronger Fundamentals

Bitmine, an aggressive Ethereum investor, is nearing its goal of owning 5% of the entire ETH supply. The company has been steadily accumulating ETH since March 2026, with recent purchases pushing its total holdings to nearly 5.85 million ETH.

The fresh on-chain activity shows Bitmine buying millions in ETH through various exchanges such as Kraken, Coinbase, and FalconX. One new wallet accumulated 20,000 ETH worth around $48.89 million in just 50 minutes, while another bought 10,000 ETH valued at roughly $24.72 million.

Analyst Ai Yi suspects the wallets belong to Bitmine due to their usual pattern of using new addresses and large round-number transfers. The company's chairman, Tom Lee, believes easier financial conditions, stronger U.S. crypto support, and Treasury purchases could further improve Ethereum's outlook.

Ethereum has gained over 30% in a week, with some analysts pointing to stronger fundamentals as the reason for its recent price surge. The cryptocurrency has seen an increase in ETF holdings, a decrease in CEX reserves, more ETH staked, and rising active addresses.