Bitmine Buys 53,501 ETH, Nears 5% Ethereum Supply Goal

Bitmine Immersion Technologies (BMNR) accelerated its Ethereum accumulation for a second consecutive week, purchasing another 53,501 ETH as Chairman Tom Lee expects strong crypto market performance to attract greater institutional demand.

The latest Ethereum purchase was valued at approximately $131.3 million based on an ETH price of around $2,455 on Monday. It follows Bitmine’s acquisition of 32,447 ETH the previous week and increases the company’s total holdings to 5,901,112 ETH, currently worth roughly $14.5 billion.

The renewed buying pace represents a notable change from July and August, when Bitmine slowed its Ethereum accumulation while moving closer to its target of owning 5% of the cryptocurrency’s circulating supply. During that period, weekly purchases dropped below 10,000 ETH on several occasions.

Bitmine now controls approximately 4.9% of Ethereum’s estimated 120.7 million token supply. Reaching the company’s 5% target would require holdings of about 6.04 million ETH at the current supply level, meaning Bitmine remains roughly 134,000 ETH short of its goal.

The company’s aggressive accumulation comes amid strong third-quarter momentum across cryptocurrency markets. Ether has surged about 55% in August, while Bitcoin has gained approximately 34%, with both cryptocurrencies significantly outperforming major U.S. stock indexes.

Lee said the strong relative performance could encourage institutional investors to increase their cryptocurrency exposure. He also identified a possible U.S. crypto market structure bill vote in September and renewed demand from South Korean investors as potential catalysts for digital assets through the remainder of 2026.

Over the longer term, Lee expects Ethereum to benefit from growing blockchain tokenization and increased adoption by artificial intelligence agents.

Bitmine has now purchased ETH for 65 consecutive weeks since launching its Ethereum treasury strategy in June 2025, strengthening its position as a major corporate Ethereum holder.

The company is also generating income from its substantial crypto treasury. Bitmine has staked approximately 5.07 million ETH, representing about 86% of its holdings. At current staking yields, the company estimates the position could generate roughly $335 million in annualized staking revenue.