BitMine Secures Record-Breaking 4.8% of ETH Supply
BitMine Immersion Technologies has accumulated a substantial Ethereum (ETH) position, holding 5,797,813 ETH as of August 2, 2026. This represents 4.8% of the total ETH supply, which stands at 120.7 million tokens.
The company's treasury strategy has been focused on accumulating crypto for long-term investment, and this latest update shows a significant increase in its ETH holdings over the past week. BitMine acquired 10,399 ETH during this period, extending its weekly buying streak that began when it pivoted to an Ethereum Treasury strategy on June 30 of last year.
Chairman Tom Lee attributed the accumulation to July's price action, where ETH outperformed the Nasdaq 100 by 2,500 basis points (or 25 percentage points), a significant outperformance since July 2025. Lee stated that this is reflective of the strengthening fundamentals of crypto.