BitMine Inches Toward Controlling 5% of Ethereum Supply With 187,000 ETH Remaining

BitMine is rapidly approaching its goal of owning 5% of Ethereum’s total supply after adding another large amount of ETH to its treasury last week.

The company purchased 32,447 ETH for roughly $81 million, increasing its holdings to 5,847,611 ETH. At prices recorded on August 23, the company’s Ethereum stash was worth approximately $15 billion.

Ethereum has a total supply of about 120.7 million tokens, putting the 5% threshold at roughly 6.04 million ETH. BitMine is now only around 187,000 ETH away from reaching its target.

The aggressive accumulation comes as Ethereum has posted stronger gains than Bitcoin. ETH has risen approximately 31.5% over the past seven days, while Bitcoin has gained nearly 24%.

BitMine is also earning returns from its holdings by staking most of its ETH. Around 87%, or 5,067,309 ETH, is currently staked, and the company estimates that the position could generate about $330 million in annual staking income.

ETH Rally Gives BitMine’s Strategy More Momentum

BitMine’s latest purchase came after Ethereum recorded its strongest weekly increase in more than a year. ETH has climbed roughly 31% since August 19 and was trading slightly below $2,500, up almost 3% over the previous 24 hours.

The rally has helped turn market sentiment more positive. On Myriad, traders now assign a 64% probability to Ethereum reaching $3,000 before falling to $1,500. That marks a major change from less than a week earlier, when bearish odds had reached 74%.

BitMine started its Ethereum accumulation strategy last summer, reaching about 1% of Ethereum’s supply in August and 2% by September. The company’s holdings then passed 4.66 million ETH in March 2026 and 5.2 million in May.

Tom Lee, BitMine’s chairman, had previously said the company would moderate purchases so it would not reach its 5% objective too quickly. Despite that, holdings continued increasing and reached about 5.79 million ETH by late July.

The company’s purchases have also coincided with stronger Ethereum ETF activity. Rising inflows into ETH exchange-traded funds point to renewed institutional demand and reinforce the same rotation into Ethereum that BitMine’s treasury strategy represents.

Lee said the improved risk appetite was supported by several macroeconomic developments, including easier financial conditions, pro-crypto signals from the White House and Treasury purchases of longer-term bonds.

The 5% Target Does Not Give BitMine Ethereum Control

BitMine’s 5% objective is an internal corporate target and has no special role within Ethereum’s protocol. Reaching the threshold would not give the company control over network transactions, software upgrades or governance.

Instead, the milestone would represent a larger concentration of Ethereum on BitMine’s balance sheet. With around 87% of its holdings staked, the company is already using most of its ETH to generate additional returns.

For BMNR investors, the strategy carries both upside and downside. More ETH could increase staking revenue and treasury value during a sustained rally, but the company would also face greater exposure to ETH price declines, custody risks, financing expenses and regulatory uncertainty.

BitMine has not said whether it will stop accumulating Ethereum after reaching 5% of the total supply. Its future purchasing pace will therefore remain an important metric for investors.

Whether Ethereum can maintain its latest momentum may ultimately depend on continued institutional adoption. If large investors keep increasing their exposure to ETH, BitMine’s rapid accumulation could be part of a broader shift toward Ethereum rather than a strategy unique to the company.