Bitmine Closes In on 5% Ethereum Supply Target

Bitmine Immersion Technologies is making significant progress towards its ambitious goal of acquiring 5% of Ethereum's total supply. The company's ETH treasury has reached $11.6 billion, with holdings now representing about 4.8% of the 120.7 million ETH supply.

According to Chairman Thomas Tom Lee, Ethereum has outperformed Bitcoin in July by 1,100 basis points, a trend that has historically been associated with better performance for BMNRs. The probability of the Federal Reserve raising its interest rates in September has decreased to 40% from 75%, which could be beneficial for Bitmine's strategy.

Bitmine's holdings consist of cryptocurrencies, cash, marketable securities, and 'moonshot' investments, with the company purchasing another 7,391 ETH last week. The firm claims it has been acquiring ETH each week since launching its Ethereum Treasury Strategy in June 2025.