Bitmine Nears 5% Ethereum Goal After Adding Another 9,926 ETH

Bitmine Immersion Technologies is on track to reach one of the largest crypto treasury targets in the market by owning 5% of Ethereum's total supply. The company, backed by Tom Lee, has added another 9,926 ETH to its holdings, bringing its total to around 5.82 million ETH, which puts it roughly 96% of the way toward that goal.

The bigger story is what Bitmine is doing with those coins - most of them are already staked, turning the massive treasury into a potential source of recurring income rather than simply a long-term price bet. The company estimates that at full scale, annual staking rewards could reach about $287 million and projected annualized staking revenue is around $250 million.

Bitmine has been buying ETH every week since launching its Ethereum treasury strategy, making the accumulation campaign one of the largest institutional crypto-buying programs currently underway. Tom Lee linked the company's strategy to Ethereum's role in tokenization and agentic AI, saying that the rising ETH/BTC ratio could indicate growing recognition of these blockchain use cases.

The accumulation is encouraging, but it does not guarantee a rally - ETH still needs stronger market confirmation. Michaël van de Poppe sees the chart forming higher highs and higher lows, while Ted Pillows notes a major sell wall around $1,950-$2,000 and buying interest concentrated near $1,800-$1,850.