Bitmine Nears Owning 5% of Ethereum Supply
The company is taking the final steps to acquire 5% of Ethereum's total supply.
1Bitmine's Ethereum Target
Bitmine announced that it is 187,000 ETH away from acquiring 5% of Ethereum's total supply. Last week, the company purchased an additional 32,447 ETH, bringing its total holdings to 5,847,611 ETH. This amount is equivalent to approximately $15 billion. Bitmine's goal is to reach 5% of Ethereum's total supply, which equals roughly 6.04 million ETH.
2Details of the Latest Purchase
Bitmine purchased 32,447 ETH last week, spending approximately $81 million. This acquisition increased the company's total Ethereum holdings to 5,847,611 ETH. This amount represents 4.85% of Ethereum's total supply. Bitmine needs to acquire an additional 187,000 ETH to reach its 5% target.
3Staking Revenues
87% of Bitmine's Ethereum holdings, amounting to 5,067,309 ETH, are staked. The company projects annual staking revenues of $330 million. Staking is a method of earning income by validating transactions on the Ethereum network, and Bitmine actively uses this method.
4Market Performance
Ethereum has gained 31.5% in the past week, outperforming Bitcoin's 24% gain. This rise in ETH's value aligns with Bitmine's acquisition strategy. Ethereum's price has increased by 31% since August 19, surpassing $2,500.
5Bitmine's Accumulation Strategy
Bitmine's Ethereum accumulation campaign began last summer. The company reached 1% of Ethereum's supply in August 2025 and 2% by September 2025. In March 2026, holdings reached 4.66 million ETH, and by May 2026, they increased to 5.2 million ETH. The company continues its purchases to reach the 5% target.
6ETF Demand and Institutional Investment
Bitmine's Ethereum purchases are increasing institutional interest in Ethereum. Demand for Ethereum ETFs has also risen recently. This trend strengthens Ethereum's potential for future adoption. Bitmine's acquisition strategy aligns with this institutional interest.
7Implications of the 5% Target
Reaching 5% of Ethereum's supply will not trigger any changes to the Ethereum protocol. However, Bitmine will hold a larger Ethereum position, potentially increasing staking revenues. This also exposes the company to greater volatility in Ethereum prices.
8Future Purchases
Bitmine has not disclosed whether it will continue purchasing Ethereum after reaching the 5% target. The company's future acquisition strategy could influence Ethereum's price trajectory. Institutional interest in Ethereum will be a key factor shaping Bitmine's approach.
Original article: News - Cryptonews — Bitmine, Ethereum'un %5'ine Sahip Olmaya Yaklaşıyor