Bitmine Nears 5% Ethereum Accumulation Goal

Bitmine has made significant strides in its strategy to accumulate 5% of all Ethereum (ETH) in circulation. As of August 9, the company holds approximately 4.8% of the total circulating supply, with a reserve of 5,805,238 ETH valued at $11.6 billion.

According to Chairman Tom Lee, Bitmine has completed 96% of its 'Alchemy of 5%' strategy, which aims to accumulate 5% of all ETH in circulation within a relatively short period. The company's pace of accumulation is unusually rapid for a public firm, with purchases made every week over the past 14 months since June 30, 2025.

While recent purchases have been smaller compared to its existing reserve, they demonstrate that Bitmine has not halted its accumulation as it nears its target level. With approximately $9.8 billion in ETH already staked, representing around 87% of the company's current holdings, the firm estimates potential annual rewards of about $294 million.