BitMine Nears 5% Ethereum Target with Latest Purchase
BitMine Immersion Technologies has added 27,180 Ethereum (ETH) worth about USD 68 million to its reserves, bringing its total holdings to 5.96 million ETH, or 4.9% of the total circulating supply. This purchase puts BitMine closer to its target of holding 5% of the total Ethereum supply.
The company has been buying Ethereum every week since it launched its crypto strategy on June 30, 2025. It now needs around 144,000 more ETH to reach its goal. BitMine's treasury already holds the largest amount of Ethereum and ranks second among all crypto treasuries across assets.
BitMine values its total crypto assets at USD 15.8 billion, including 212 BTC, cash, securities, stakes in Beast Industries and Eightco Holdings, and a significant portion of its ETH holdings in staking. The company reports 5,067,309 ETH in staking, which generates recurring treasury income.
Experts are cautious about BitMine's strategy, citing the challenge of concentration as the company aims to control nearly 5% of Ethereum's circulating supply. Additionally, the falling exchange supply has raised concerns that a potential shortage could drive up prices, but experts caution that investor demand is still uncertain and may not rise with declining exchange availability.