Bitmine Buys $41M ETH, Nears 5% Supply Target
Bitmine Immersion Technologies has bought another 15,112 ETH, worth about $41 million, extending its weekly Ethereum buying programme launched on 30 June 2025. Its holdings have risen to 6,016,414 ETH, valued at roughly $16.4 billion and equivalent to about 4.9% of Ethereum’s total supply. The purchase puts Bitmine about 99% of the way towards its “Alchemy of 5%” Ethereum treasury target.
The latest purchase follows an earlier acquisition of 17,362 ETH, showing that the company continues to accumulate ETH despite broader macroeconomic pressure. Chairman Tom Lee said a crypto bull market is under way and noted that ETH had outperformed the S&P 500 by 6,832 basis points during the quarter, even as oil prices and bond yields rose and the Federal Reserve remained hawkish.
Bitmine’s total assets have reached about $17.4 billion. They include 214 BTC, $643 million in cash and marketable securities, and investments in Beast Industries and Eightco Holdings. The company remains the largest Ethereum treasury and the second-largest corporate crypto treasury after Strategy.
Bitmine has staked 5,067,309 ETH, or 84% of its holdings, through the MAVAN institutional platform. Based on current yields, the position is expected to generate about $363 million in annualised revenue. Continued corporate accumulation is a bullish long-term signal for ETH, but the company’s concentrated exposure also creates market, liquidity and balance-sheet risks that could amplify volatility.
Bullish
The news is bullish for ETH because Bitmine’s continued purchases represent sustained institutional and corporate-treasury demand. Its holdings now total about 4.9% of Ethereum’s supply, while 84% of the position is staked, reducing the amount of ETH immediately available for sale and potentially supporting long-term supply-demand dynamics.
The short-term price effect may be limited. A $41 million purchase is relatively small compared with Ethereum’s overall market and trading volume, and traders may already have priced in Bitmine’s regular buying pattern. ETH could also remain sensitive to interest rates, Federal Reserve policy, broader risk appetite and profit-taking after its reported outperformance.
Over the longer term, Bitmine’s approach could strengthen institutional confidence in ETH and provide recurring staking income. However, the company’s concentrated exposure creates a potential source of volatility. A sharp ETH decline, funding pressure or any decision to reduce its holdings could generate selling pressure. On balance, the accumulation signal outweighs these risks, supporting a bullish classification for ETH.