BitMine Scoops Up $19M in Ethereum, Inches Closer to 5% Market Control

BitMine Immersion Technologies has made significant moves in the crypto market by acquiring $19.4 million worth of Ethereum over the past week, bringing its total holdings to approximately $11.3 billion.

This purchase has increased BitMine's control over Ethereum's total supply to around 4.8% and put it on track to reach its target of owning 5% by staking a substantial amount of ETH.

The company, led by Chairman Tom Lee, accelerated its share buyback program due to the rising ETH to Bitcoin ratio, indicating strengthening crypto prices.

BitMine has been actively purchasing Ethereum every week since launching its Ethereum treasury strategy in June 2025 and has also repurchased a significant number of shares under its $4 billion repurchase program.