Bitmine Nears 5% Ethereum Target with Record-Breaking Purchase
Bitmine Immersion Technologies (BMNR) has continued its aggressive accumulation of Ethereum, purchasing another 53,501 ETH this week. This brings its total holdings to approximately 5,901,112 ETH, which is currently worth around $14.5 billion at an ETH price of about $2,455.
This is the second consecutive week Bitmine has accelerated its Ethereum purchases, which contrasts with July and August when the company slowed its accumulation while moving closer to its target of owning 5% of the cryptocurrency's circulating supply.
Chairman Tom Lee expects strong crypto market performance to attract greater institutional demand. He also mentioned potential catalysts for digital assets through the remainder of 2026, including a possible U.S. crypto market structure bill vote in September and renewed demand from South Korean investors.