Bitmine Buys $81M More ETH, Near 5% Supply as Ethereum Surges
Bitmine (Immersion Technologies) bought 32,447 ETH worth about $81M last week, pushing its Ethereum holdings to 5,847,611 ETH (around $15B as of Aug 23). Bitmine says it now holds ~4.8% of Ethereum’s circulating supply. With Ethereum supply near 120.7M ETH, its 5% “Alchemy of 5%” target is about 6.04M ETH—leaving roughly 187,000 ETH to go.
The new ETH accumulation arrives as Ethereum outperforms Bitcoin. ETH is up about 31.5% over seven days (just under $2,500), while BTC gained nearly 24% in the same period. Traders are also getting more constructive on derivatives of sentiment: on Myriad, odds for ETH to reach $3K before falling to $1.5K have risen to ~64%, after bearish odds peaked near 74% less than a week earlier.
Operationally, Bitmine has ~87% of its ETH staked (5,067,309 ETH) via its MAVAN validator network, projecting about $330M in annual staking revenue. The firm has not confirmed whether it will stop buying exactly at the 5% mark.
Bullish
This is a sustained, large-scale ETH accumulation story rather than a one-off trade. By adding more ETH near a key 5% supply milestone, Bitmine potentially tightens effective sell pressure and can reinforce bullish positioning—especially since the buy comes while ETH is already outperforming BTC.
Short term, the market may react to the immediate headline flow (weekly ETH purchases + ETH/BTC strength), which can support momentum trades and improve risk appetite. The staking angle also adds a “carry” narrative: with most ETH staked, investors may view the holdings as more committed, potentially dampening near-term sell-off risk.
Longer term, if Bitmine continues buying toward (and possibly beyond) the 5% target, the market could price in persistent demand for ETH, supporting higher valuation multiples. The main caveat is that the firm has not confirmed a strict stop at 5%, which limits how precisely traders can forecast future spot inflow pace—but overall both summaries point to supportive fundamentals for ETH.