BitMine Surges as Ethereum Holdings Reach 4.8% of Circulating Supply

BitMine (BMNR) stock surged 6.44% to $24.30 on August 24, marking its highest gain in a week. The company's aggressive accumulation of Ethereum (ETH) tokens has contributed to this success. In the past seven days alone, BitMine purchased 32,447 ETH, bringing its total holdings to 5.85 million tokens.

BitMine's Chairman Tom Lee stated that the company needs approximately $620 million more in ETH to reach its target of holding 5% of the circulating supply. Currently, their 5.85 million ETH position equals 4.8% of Ethereum's total supply.

The remarkable growth has been attributed to BitMine's consistent purchasing strategy, which began on June 30, 2025. In just 14 months, they have amassed a significant portion of the circulating supply, surpassing other prominent holders such as SharpLink, which owns roughly one-seventh of their stack.

The company has staked around 87% of its ETH holdings, generating an estimated $330 million in annual yield. This income funds the dividend on BMNP, a 9.5% preferred stock sold by BitMine at $80 per unit in June.