Bitmine Closes In on 5% of Ethereum Supply with Latest $69M Purchase

Bitmine Immersion Technologies has continued its Ethereum accumulation campaign, adding another $69 million in ETH to its treasury. This purchase brings Bitmine's total holdings to 5.93 million ETH, worth an estimated $14.8 billion at the current price of $2,495 per ETH.

The company is now close to reaching its long-standing goal of owning 5% of Ethereum's circulating supply, with approximately 171,000 more ETH needed to reach this target. Bitmine has been steadily increasing its ETH holdings since June 2025, when it announced a $250 million private placement to fund its Ethereum treasury strategy.

Tom Lee, chairman of the board, has described this plan as the 'Alchemy of 5%,' stating that large ETH holders will benefit when Wall Street moves more financial activity onto blockchains and new AI technologies create other economic activity on blockchains.