Bitmine Adds $20 Million in Ether as Holdings Near 5% Goal

Bitmine Immersion Technologies bought 9,587 Ether (ETH) valued at $20 million, bringing its treasury to about 6.06 million ETH as it moves toward a stated goal of holding 5% of Ethereum’s circulating supply.

The company’s objective is measured as a share of circulating supply, rather than a dollar value. The purchase adds to Bitmine’s strategic accumulation and advances its treasury toward a fixed ownership threshold. The $20 million transaction is the latest step toward that target.

The accumulation comes amid declining ETH prices and significant liquidations across the broader Ethereum market, a backdrop that contrasts with the company’s continued buying. Bitmine is led by Tom Lee, who has described a potential “supercycle” driven by tokenization and artificial intelligence.

Its 5% target makes the amount held relative to Ethereum’s circulating supply central to the strategy.