Bitmine's ETH Stockpile Tops 5.4M ($10.5B), Closing in on 5% of Circulating Supply

Bitmine has built a sizable Ether treasury, now holding more than 5.4 million ETH valued at over $10.5 billion, putting the firm about 90% of the way toward its stated objective of owning 5% of Ethereum's circulating supply. Tom Lee said the company added 26,497 ETH over the past week. The latest purchases extend an accumulation drive that earlier this year briefly surpassed 100,000 ETH per week for three consecutive weeks before cooling in recent weeks. The buying has made Bitmine one of the largest corporate Ether holders of its kind, with wallets that can be readily monitored onchain even as near-term market impact has appeared limited. Bitmine first outlined the strategy in July 2025, targeting 5% of circulating ETH based on CoinGecko-linked estimates that place circulating supply around 120.6 million tokens. At that supply level, the company has said it expects to reach its "alchemy of 5%" milestone in 2026. In a June 1 post on X, Bitmine wrote: "Over the past week, we acquired 26,497 ETH. In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals… Bitmine is expected to reach the 'alchemy of 5%'." Ether has weakened despite the aggressive buying. ETH fell about 4.7% over the past week, trading between $1,963 and $2,126 and hovering just below $2,000 in recent sessions. Lee told CNBC that sluggish price action can be typical late in a downturn, when markets may fail to reflect improving fundamentals. He said Bitcoin and Ethereum remain central to the future of money, citing AI-driven commerce, decentralized identity and verification tools, and Wall Street's growing focus on tokenization as factors supporting Ethereum's long-term thesis even if prices have yet to respond. Bitmine's approach also reflects a broader shift among some firms: treating Ether less as a speculative trade and more as a reserve asset. While those flows are highly transparent onchain, they do not necessarily translate into an immediate price lift, particularly when broader market sentiment diverges from the narrative. Featured image: Unsplash. Chart: TradingView.