Bitmine Nears 5% ETH Goal Amid Ethereum Price Rally

Bitmine, an aggressive Ethereum investor, is getting closer to its goal of owning 5% of the total ETH supply. According to on-chain analyst Ai Yi, a new wallet accumulated 20,000 ETH worth about $48.89 million in just 50 minutes, while another new address bought 10,000 ETH worth roughly $24.72 million.

These transactions suggest that Bitmine is continuing its buying spree, with the company now holding around 5.85 million ETH, worth approximately $15 billion. The wallet addresses match Bitmine's usual pattern of using new addresses and large round-number transfers through exchanges like Kraken, Coinbase, and FalconX.

Bitmine wants to own 5% of Ethereum's total supply, equal to roughly 6.04 million ETH. With nearly 5.85 million ETH already held, the company is now only around 187,000 ETH away from its target. Around 87%, or 5.07 million ETH, is staked, with Bitmine expecting about $330 million in annual staking revenue.

The buying comes as Ethereum has gained more than 30% in a week, outperforming Bitcoin's roughly 24% rise. Analyst Ali Martinez noted that since calling the July bottom, Ethereum has gained 64.20%, compared to 40.70% for Bitcoin.