BitMine Closes In on 5% Ethereum Target, Adds to Holdings

BitMine, a company led by Chairman Tom Lee, continues to purchase Ethereum (ETH) as part of its strategy to acquire 5% of the cryptocurrency's supply. As of July 26, BitMine holds approximately 5.79 million ETH, which equals about 4.8% of Ethereum's reported total circulating supply.

The company added another 9,946 tokens during the latest week, bringing its total holdings to nearly 6 million ETH. This purchase is part of a broader trend for BitMine, as it has bought ETH every week since starting its treasury strategy on June 30, 2025.

BitMine's staked ETH supports projected annual revenue of about $254 million, with the company valuing its staked position at $9.6 billion using an ETH reference price of $1,948. Chairman Lee said current staking operations could generate this revenue based on a seven-day yield of 2.65%, although Ethereum rewards can change with network participation, validator performance, and protocol conditions.

In addition to its growing ETH holdings, BitMine also repurchased 6.1 million common shares during the latest week under its $4 billion buyback programme. The company's treasury model combines staking, equities, and cash, with a focus on generating revenue through Ethereum rewards.