Bitmine Nears 5% Ethereum Target as Tom Lee Signals Confidence in ETH

Bitmine (NASDAQ: BMNR), led by Fundstrat Global Advisors founder Tom Lee, continues to accumulate Ethereum tokens as part of its treasury strategy. The company currently holds 5.81 million Ether tokens, representing approximately 4.8% of Ethereum's total circulating supply of 120.7 million tokens.

This brings Bitmine closer to its goal of acquiring 5% of Ether's total supply, a target Lee has dubbed the 'Alchemy of 5%' and positions the company as one of the largest institutional holders of Ethereum in the world.

Bitmine reported acquiring 10,399 ETH during the week before its August 3 update, continuing a buying program that began with the launch of its Ethereum treasury strategy on June 30, 2025. As of August 2, the company's Ether holdings valued approximately $10.9 billion at a reference price of $1,880 per token.

Tom Lee commented on market conditions, stating: 'We increased our equity buyback as we view the rising ETH/BTC ratio... as a sign crypto prices are strengthening.' He added that the current ratio is now at a 3-month high at 0.3000, which he believes bodes well for future strengthening of ETH prices.