Bitmine Closes In on 5% Ethereum Milestone with $11 Billion Treasury

Bitmine Immersion Technologies, backed by Tom Lee, is rapidly approaching its ambitious goal of owning 5% of Ethereum's total supply. The company has acquired another 9,926 ETH in the past week, bringing its total holdings to approximately 5.82 million ETH, or around 4.8% of the circulating supply. This places Bitmine roughly 96% of the way toward its target, with only about 226,000 ETH needed to reach the milestone.

Bitmine's strategy involves not only accumulating large quantities of ETH but also staking a significant portion of its holdings. Currently, around 87% of its ETH is already staked, which could generate substantial recurring income for the company in the form of staking rewards. The projected annualized staking revenue stands at approximately $250 million.

The accumulation campaign by Bitmine has been ongoing since it launched its Ethereum treasury strategy and has become one of the largest institutional crypto-buying programs currently underway. Tom Lee attributes the company's purchases to Ethereum's role in tokenization and agentic AI, as well as easier financial conditions that could be a tailwind for crypto.

While Bitmine's buying activity is seen as a strong institutional confidence signal, analysts caution that it does not guarantee a rally. Michaël van de Poppe suggests watching key chart levels, including $1,870 on the downside and $2,000 on the upside, while Ted Pillows points to a major sell wall around $1,950, $2,000.