BitMine Extends Consecutive Weekly ETH Purchases, Closes In on 5% Target
BitMine has continued its streak of buying Ether (ETH), adding another 53,501 units to its treasury in the week leading up to August 30. This marks the company's 65th consecutive weekly purchase since it started accumulating ETH on June 30, 2025.
The largest corporate Ether treasury now holds a total of 5,901,112 ETH, which represents 4.9% of the token's 120.7 million supply. Chairman Tom Lee described this as 'the Alchemy of 5%', BitMine's target of owning 5% of all ETH.
BitMine disclosed its update in a filing with the US Securities and Exchange Commission (SEC), valuing its ETH at $2,511 per coin. The company's total holdings now stand at $15.6 billion, spanning various assets including ETH, Bitcoin, Beast Industries, Eightco Holdings, and cash and marketable securities.
Chairman Tom Lee believes that the third-quarter run of Ether has set the stage for institutions to add to their crypto holdings. He pointed to a CLARITY Act vote scheduled for mid-September and renewed crypto buying from Korean investors as factors contributing to this trend.