Bitmine Buys $169M ETH in a Week as 5% Supply Target Comes Into View

• Bitmine added $169 million in ETH in one week, pushing total holdings to 4.87 million ETH. 
• The firm holds about 4.04% of ETH supply and is close to attaining the “alchemy of 5%.”
• The company has over 3.33M ETH staked, generating $212 million in annualized revenue.

Bitmine has accelerated its Ethereum accumulation as Arkham data shows the firm added $169 million worth of ETH in the past week. This included a purchase of 71,524 ETH, marking its fastest pace since December 2025.

Total holdings now stand at around 4.87 million ETH. This equals 4.04% of the total 120.7 million ETH supply. Notably, Bitmine needs another $2.74 billion in ETH to reach 5% of the global supply.

This puts the firm ahead of all other tracked entities, including Coinbase, in terms of ETH concentration.

$11.8B Balance Sheet Built Around Ethereum

Bitmine’s balance sheet is now heavily tied to Ethereum. The company holds $11.8 billion across crypto, cash, and other positions. This includes 4.87 million ETH, 198 BTC, and $719 million in cash.

It also holds “moonshot” equity stakes, including $85 million in Eightco and $200 million tied to Beast Industries. Ethereum remains the core asset. The company has established itself as a public ETH treasury rather than a traditional operating firm.

This company’s positioning strengthened after its April 9 uplisting to the New York Stock Exchange, opening access to deeper institutional capital.

Also, a large portion of Bitmine’s ETH is already deployed. Around 3.33 million ETH is staked through its MAVAN platform. At current levels, that equals about $7.4 billion.

The staking operation is generating annualized revenue of roughly $212 million, with projected rewards reaching $310 million based on recent yields near 2.89%. About 68% of total holdings are now staked.

Related: Here Are The Reasons Behind Ethereum Outperformed Bitcoin in March

Aggressive Accumulation Backed by Market Activity

Bitmine has maintained a steady pace of buying over the past month, increasing purchases each week. It is now 81% of the way toward its “5% supply” target, achieved in just nine months.

At the same time, the stock itself is highly active. BMNR is now the 117th most traded stock in the US, with an average daily volume of $747 million. The company is backed by major institutional names, including Cathie Wood, Founders Fund, Pantera, and Galaxy Digital.

It has also expanded its share buyback program to $4 billion, one of the largest announced this year.

Meanwhile, Chairman Tom Lee calls Ethereum a leading asset in the current cycle. He pointed to ETH gaining 17.4% since the start of the Iran conflict, outperforming the S&P 500 by 1,830 basis points and gold by 2,743 basis points.

According to Lee, ETH demand is coming from two areas, i.e., Wall Street tokenization and AI systems using public blockchains. At the same time, ETH is up about 13% over the past month.

Related: Tom Lee Says Ethereum and Bitcoin Are Beating Equities